Is Education Worth It? My Opening Statement

Is the education system really a waste of time and money, as my new book claims right on the cover? This is a strange topic to debate with Eric Hanushek.  Why? Because if Hanushek had absolute power to fix the education system, education might actually be worth every penny.  Hanushek is famous for focusing on what schools teach rather than what they spend – and documenting the vast disconnect between the two.  If you haven’t already read his dissection of “input-based education policies,” you really ought to.  Hanushek, more than any other economist, has taught us that measured literacy and numeracy are socially valuable – but just making kids spend long years in well-funded schools is not.

Roving Bandit, Stationary Bandit, and Income Tax

When a mugger or a home invader accosts you, he points a gun at you or waves a knife in your face and demands your wallet or some other property. In most cases, if you surrender your property to him as he demands, he takes it and flees, and you will most likely never see him again. He is, in the classic phrase, the roving bandit. In contrast, the state is, in Mancur Olson’s classic term, the stationary bandit.

Their Own Crummy Societies

Humans are naturally envious, resentful people who lust after what other people have to various degrees. The larger the wealth disparity, the more envious and resentful commies/looters become. This is why we need a more gentle version of helicopter rides … decentralization (my solution to everything).