Assigning $$$ to teaching
One of the nation's leading education economists, Eric Hanushek has a must-read story in Education Next, just released today, ?Valuing Teachers: How much is a good teacher worth??? And if you don't have time to read the full story, at least see Eric's summary of it. He applies some basic economic analysis to the ?conventional wisdom that teachers are the most important ingredient in an effective school.??
And, in the process, he reminds us that it should also be conventional wisdom ?that teachers are the most important ingredient in an ineffective school.? Indeed, often lost in the national demonizing teacher debate is the simple fact that ?there are large differences in teacher quality, and these differences are felt in very tangible ways by students and by U.S. society.?
Hanushek analyzed the financial impact of differences in student achievement and then matched that up with the students' teachers. He says it's ?fairly straightforward set of calculations.? ?And, he concludes,
[T]he numbers are astounding.? A teacher at the 85th percentile can, in comparison to an average teacher, raise the present value of each student's lifetime earnings by over $20,000?implying that such a teacher with a class of 20 students generates over $400,000 in economic benefits, compared to an average teacher, for each year that she gets such achievement gains.? Gains go up and down with how good the teacher is and with how many students she has.? And the gains are symmetrical in comparison to the average teacher ? a teacher at the 15th percentile subtracts $400,000 in value from her class of 20 students.
?--Peter Meyer, Bernard Lee Schwartz Policy Fellow
blog comments powered by Disqus
About the Editor
Peter Meyer is an adjunct fellow with the Thomas B. Fordham Institute. Since 1991, Meyer has focused his attentions on education reform in the United States, an interest joined while writing a profile of education reformer E.D. Hirsch for Life. Meyer subsequently helped found a charter school, served on his local Board of Education (twice) and, for the last eight years, has been an editor at Education Next.
May 16, 2013
Sign Up for updates from the Thomas B. Fordham Institute
- Daniel Willingham: Science and Education Blog
- National School Board Association’s School Board News Today
- National Governors Association Center for Best Practices
- Texas Association of School Boards
- New York State School Board Association
- Florida School Boards Association
- California School Boards Association
- Program on Education Policy and Governance
- The Center for Research on Education Outcomes