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• W1532141353 abstract "This paper presents basic evidence about the very substantial impacts of school quality on individual earnings, on economic growth, and local economic development. The calculations emphasize how benefits relate to both the magnitude and the speed of quality improvements. * Hoover Institution, Stanford University; University of Texas at Dallas; and National Bureau of Economic Research. This research was supported by the Packard Humanities Institute and The Teaching Commission. The Economic Value of Improving Local Schools By Eric A. Hanushek Local civic leaders intuitively understand that education is good and that the quality of schools may in one way or another relate to local development. The arguments, however, tend to be general. They are linked only imprecisely to the impacts of schooling on the economy and to ways of improving the schools. This paper discusses what is known about the economic value of better schools and then puts those values into the perspective of school reform actions – particularly actions to improve the quality of teachers. One important aspect of the discussion is how educational reform fits into notions of local economic development. What we know about the economics of school quality fits more into discussions of national outcomes, which may differ from local outcomes. An attempt is made to put this into the context of a more local economy. The findings about the importance of school quality are particularly relevant in the context of U.S. accountability policies that emphasize performance on standardized tests in core areas. Some people have suggested that the achievement emphasized by current state accountability systems is not very important and that other aspects of student performance – creativity, the ability to work in teams, or personality traits – should be the focus of attention. While these other aspects are undoubtedly valuable, the analysis here strongly affirms an emphasis on basic cognitive skills by demonstrating its substantial economic returns. Most consideration of economic aspects of education has naturally concentrated on school attainment, or the quantity of education. It is easy to calculate the economic return on such an investment – both the costs and benefits are fairly clear. Additionally, until recently, relatively limited data have been available on the quality of schools. Finally, there are great" @default.
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• W1532141353 date "2005-01-01" @default.
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• W1532141353 title "The economic value of improving local schools" @default.
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