Many have tried to quantify the value of education— in fact, even we did in our video, Is it Worth It? But calculating what we get versus what we spend on public education is far from an easy exercise, as there are so many variables and value judgments that come into play.
Enter Forbes magazine, which attempted to determine what would happen if education policymakers put their money where their mouth is in five key areas: implementing the Common Core State Standards, strengthening teacher effectiveness and principal development, and expanding early education and blended learning.
Each comes with a hefty price tag that taken together would cost a cool $6.2 trillion over a 20 year period or $310 billion annually. In return, Forbes (with assistance from respected Stanford economist Eric Hanushek) predicts the U.S. would see its gross domestic product increase by some $225 trillion over the life of that generation’s professional career.
Where the initial outlay would come from— apparently hedge funds, inheritances and venture capital— is another story. What caught my attention about this study appeared to be a credible attempt to affix real dollars and cents to top education reforms and the benefits our country would reap from it. Even if it’s hypothetical, a nearly 37 percent return on five major education investments is not something to ignore … though, apparently we have.