The Money Myth: School Resources, Outcomes, and Equity

Title Page, Copyright

THE MONEY MYTH School Resources,Outcomes,and Equity W.Norton Grubb Russell Sage Foundation ♦ NewYork The Russell Sage Foundation The Russell Sage Foundation, one of the oldest of America’s general purpose foundations, was established in 1907 by Mrs. Margaret Olivia Sage for “the improvement of social and living conditions in the United States.”The Foundation seeks to fulfill this mandate by fostering the development and dissemination of knowledge about the country’s political, social , and economic problems.While the Foundation endeavors to assure the accuracy and objectivity of each book it publishes, the conclusions and interpretations in Russell Sage Foundation publications are those of the authors and not of the Foundation, itsTrustees, or its staff. Publication by Russell Sage, therefore, does not imply Foundation endorsement. BOARD OFTRUSTEES Mary C.Waters, Chair Kenneth D. Brody Kathleen Hall Jamieson Nancy Rosenblum W. Bowman Cutter, III Melvin J. Konner Shelley E.Taylor Christopher Edley Jr. Alan B. Krueger Richard H.Thaler JohnA. Ferejohn Cora B. Marrett EricWanner LarryV. Hedges Library of Congress Cataloging-in-Publication Data Grubb,W. Norton. The money myth : school resources, outcomes, and equity /W. Norton Grubb. p. cm. Includes bibliographical references and index. ISBN 978-0-87154-366-0 (alk. paper) 1. Education—United States—Finance. 2. Public schools—United States—Finance . 3. Education—Economic aspects—United States. I. Title. LB2825.G838 2009 370.110973—dc22 2008036248 Copyright © 2009 by Russell Sage Foundation.All rights reserved. Printed in the United States ofAmerica. No part of this publication may be reproduced, stored in a retrieval system , or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without the prior written permission of the publisher. Reproduction by the United States Government in whole or in part is permitted for any purpose. The paper used in this publication meets the minimum requirements ofAmerican National Standard for Information Sciences—Permanence of Paper for Printed Library Materials. ANSI Z39.48-1992. Text design by Genna Patacsil. RUSSELL SAGE FOUNDATION 112 East 64th Street, NewYork, NewYork 10065 10 9 8 7 6 5 4 3 2 1 The question of sufficient revenue lies back of almost every other [educational ] problem. —Ellwood Cubberly, School Funds andTheir Apportionment (1905, 1) I got a great big house on the hill here, And a great big blonde wife inside it, And a great big pool in my backyard and another great big pool beside it. Sonny, it’s money that matters, hear what I say, It’s money that matters in the USA . . . It’s money that matters whatever you do. —Randy Newman Simple resource policies hold little hope for improving student outcomes. —Eric Hanushek,“Assessing the Effects of School Resources on Student Performance:An Update” (1997, 141) ...