Although it is only 2023, the 2020s already can be categorized as the decade of school choice thanks to legislation in West Virginia, Arizona, Iowa, Utah, Arkansas, Florida, Indiana, Oklahoma, and North Carolina.
The main argument for choice is that government schools squander record amounts of money and deliver very poor results. Especially for disadvantaged students. But there are other arguments for choice.
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- Saving money for taxpayers.
- Improving performance of government schools.
- Boosting civil rights.
- Increasing success in college.
Today we’re going to consider potential economic benefits of school choice.
Back in August, Lindsay Killen and Ella Bevis of the James Madison Institute wrote a column for Real Clear Policy to explain why school choice also is a pro-growth policy.
Here are some excerpts.
…the impact of education choice stretches across communities and economies, helping to unleash prosperity and growth that benefits everyone. …With school choice comes increased competition, encouraging businesses – especially small business entrepreneurs and real estate investors – to transform their development and growth strategies to cater to emerging markets, as families relocate to take advantage of expanded educational options. …Why does the economy benefit from school choice? Dr. Bartley Danielson, associate professor of finance and real estate at N.C. State University, emphasizes that school choice fosters community-wide economic prosperity. This allows families to remain in their dwellings, rather than feeling led to switch neighborhoods based on school districts. In turn, real estate becomes equally coveted across regions where school choice is implemented.
The big takeaway is that the economy is less efficient when families feel they have to live in a certain neighborhood to get decent education for their kids.
That problem disappears with school choice.
Their article also includes this paragraph about taxpayers savings, which surely is an economic benefit as well.
Beyond benefiting states’ economic livelihood, taxpayers across the states are also seeing savings as a result of these expanding programs. Out of 52 analyses on the fiscal impact of private school choice programs, 47 were found to generate overall savings for taxpayers. An additional study in 2018 found that school choice programs generated $12.4 to $28.3 billion in tax savings.
Better student performance and lower costs. What’s not to like?
P.S. I cited some research back in 2009 about potential economic benefits of school choice.
P.S. For further information (especially for my left-leaning friends), there are very successful school choice systems in Canada, Sweden, Chile, and the Netherlands.
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