Coming soon: the world’s priciest classrooms
A strong social consensus in favor of improving education is never a bad thing, so this legislation has a positive side. But there is no shortage of global evidence showing that spending more on education guarantees nothing. Focusing on results per unit of spending—which currently vary a lot across different states and municipalities—is a much smarter first step. Exploiting the decline in the school age population—which offers the potential for major increases in teacher salaries over the next few years—is a smarter second step.When those gains are in the bag, increasing the share of GDP spent on education could be the icing on the cake. But doing those things in reverse order only guarantees higher costs and ultimately—since no country can afford to spend infinitely on education—less progress towards world class education.