March 3, 2006

John Stossel on Education and the Free Market

Syndicated columnist and ABC news reported John Stossel has an editorial at TownHall.com (HT: WorldMagBlog) on the benefits of introducting free market competition to the primary/secondary education system through a voucher-type system. Most of the points he makes are obvious - as economists say, idealized free markets lead to Pareto-optimal states, and competition brings a system that much closer to the idealized free market - but the article is nevertheless worth a read. In short, under the competitive system "Bad schools will close and better schools will open. And the better schools won't all be the same." Stossel points out that no one can predict exactly what will happen in a free market, but we do know that the best ideas win out. He also gives some helpful real world examples of things that have already been tried. Check it out.

Posted by Kenny at March 3, 2006 1:53 PM
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