MARCUS WINTERS: Better Schools, Fewer Dollars:

Here’s what looks like a policy dilemma. To attain the economic growth that it desperately needs, the United States must improve its schools and train a workforce capable of competing in the global economy. Economists Eric Hanushek, Dean Jamison, Eliot Jamison, and Ludger Woessmann estimate that improving student achievement by half of one standard deviation—roughly the current difference between the United States and Finland—would increase U.S. GDP growth by about a full percentage point annually. Yet states and the federal government face severe budgetary constraints these days; how are policymakers supposed to improve student achievement while reducing school funding?

In reality, that task is far from impossible. The story of American education over the last three decades is one not of insufficient funds but of inefficient schools. Billions of new dollars have gone into the system, to little effect. Luckily, Americans are starting to recognize that we can improve schooling without paying an additional dime. In fact, by unleashing the power of educational choice, we might even save money while getting better results and helping the economy’s long-term prospects.

Indeed.