In this article, the author continues to develop the perspective of the improved school finance, an effort to move beyond the conventional framing of funding and resource issues, presented in the article by Grubb, Huerta, and Goe in this issue. Here, the author presents the results of use of the National Educational Longitudinal Survey of the Class of 1988 (NELS88) data to estimate some of the intermediate equations in a more elaborate system of equations, specifically the equations describing the effects of funding patterns on the school resources that are known to be effective. Among other things, the author discusses some implications for policy. (Contains 23 footnotes and 1 table.)