Education reform has the potential to open incredible doors to opportunity. Yet despite unprecedented levels of public school funding, far too many students in America never enjoy the benefits that can result from a high-quality education.

In his new book, “Education and Opportunity,” Michael Q. McShane proposes a market-based approach to revitalizing failing American schools — one that fosters innovation and encourages competition via school choice, education savings accounts, and charter schools. But as with any sector of the economy that moves from a public monopoly to market-led solutions, smart stabilization and support from other institutions are essential for making a decentralized school system effective.

McShane lays out a compelling case for education reform that encourages wiser use of technology and a “marketplace of education options” that can help today’s students succeed in tomorrow’s economy

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Partial transcript:
Did you know that Americans without a high school diploma, compared to college graduates, are three times more likely to be unemployed, and even those with high school diplomas average fifty percent less in annual income than those with college degrees? But the gap between the educational “haves” and “have-nots” is vast and only growing wider.
Take Jennifer, a fourth grader born into the poorest 20 percent. Without a college degree, she only has a 5 percent chance of reaching the top, compared to a 45 percent chance of staying in poverty. With a college degree, she’s more likely to make it to the top quintile than she is to remain in the bottom. A quality education makes an enormous difference.
But it will be an uphill climb because Jennifer’s family will have fewer options for where she can attend school. Wealthier families can afford to live in better school districts or to pay for private schools. Jennifer can only hope the local public school is decent, or take her chances and try to get into a magnet school or a charter school.
The truth is, our education system stacks the odds against the poorest children, like Jennifer. But here’s the thing: it’s not a spending problem. In inflation-adjusted terms, the average yearly spending per student from 1970 to today has more than doubled. Some of the cities in the United States with the most grinding poverty actually spend among the most per student. Since 1950, while the overall number of students has grown 96 percent, the total number of teachers and staff has grown 252 percent and a whopping 702 percent, respectively. Jobs are opening for Miss Penny and Principal Jones, but it’s not working for Jennifer.
The problem with the American educational system remains just that—the system. The way we pay for, organize and regulate schools does not foster innovative and entrepreneurial solutions. School districts have become bloated bureaucracies that stifle creativity. It’s demoralizing, it’s dehumanizing, and it hurts kids like Jennifer. The good news? We can change it. There are three big steps we can take right now.

American schools are failing: 3 ideas for education reform

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