Buffett and Gates Are Wrong about What Schools Need | Andrew J. Coulson | Cato Institute: Commentary

Buffett and Gates Are Wrong about What Schools Need | Andrew J. Coulson | Cato Institute: Commentary: "education is perhaps the only field in which America's top performers don't enjoy tremendous financial success. This fact has profound implications for school quality, but Buffett is wrong about its cause.

Brilliant teachers aren't excluded from the billionaire's club due to any 'capriciousness' of our market economy. They're excluded because public schooling exists outside that economy. It has no prices set by supply and demand, no meaningful competition, little professional freedom for educators, negligible choice for consumers, and no system for rewarding successful education entrepreneurs with profits or of penalizing failure with losses."

"our schools have swallowed many trillions of additional dollars in recent decades without improvement. So even if they donate every penny to this cause, it might not do the slightest bit of good. Unless, that is, they recognize that the system itself is the problem — that monopolies cannot be tweaked into self-perpetuating excellence."