Economics Paper- 7 PAGES
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JieXu.docxJackson et al., (2016, p.200) argue that school Finance reforms (SFRs) have been associated with a positive impact on the long-term earnings, even although not all people support such an argument. The SFRs began back in the 1970s, and1970s and have been highly influenced by the dramatic changes occurring in the K-12 education spending, within the United States. The paper will address the topic of School Finance reforms and their impact on improving long term earnings. The school finance reforms comprise of different types. There are the adequacy-based court-ordered reforms, which focuses on increasing the overall spending in schools. Equity-based court-ordered reforms aim at lowering the spending variance between schools in low-income districts, and those in high-income districts, but have got a little effect on the overall spending levels. There are other reforms based on tax. High tax prices reforms have the effect of reducing the long-run spending in schools within all districts. The districts are required to raise a certain amount of money, so that can increase their spending by a single dollar. Low tax prices reforms are usually applied in low-income school districts and have been associated with increased spending growth. The SFRs have been associated with increased spending in low-income school districts, hence arising the questions as to whether they will increase their long-term earnings. Comment by Asker, Erdal: Please check APA style citation! Comment by Asker, Erdal: Very good start. Comment by Asker, Erdal: Avoid using passive voice! Comment by Asker, Erdal: Complicated sentence.
It is firmly believed that education is crucial in promoting term earnings in the future. However, the quality of education acquired by the learners matters a lot. Individuals who undergo through high-quality education in their early lives end up having better long-term earnings than those who did not access education or who accessed low-quality education. School finance reforms have been formulated with the aim of ensuring that learners have got access to equal and quality education, which will lead to improved long-term earnings. Education enhances human intellectual capital, which is essential in mobilizing economic resources and factors of production, hence establishing a base of increasing long term earnings (Brunner et al., 2016, p. 40). To achieve the economic benefits associated with education, finance reforms have been made to ensure quality education to all, SFRs have been formulated to eliminate the inequity in schools spending, whether located in poor or wealthy districts. Comment by Asker, Erdal: Wonderful.
The problem, in this case, is whether schools from poor districts should have high spending on education, considering that public education has to be funded by taxpayers, within those poor districts. The districts spent so high in education, hence lacking resources to invest in productive economic activities such as infrastructure, and industrialization. With high spending in education, the districts will forever remain poor, and will not even offer employment opportunities for their learned people.
Some of the possible solutions that can be used to solve the problem include; receiving financing support from the federal government, hence having share of the proceeds generated by the wealthy districts; refusing to conform to the reforms, thus making sure that their education spending does not increase; and spending on school education based on adequacy, by determining the education goals and the necessary resources per learner. Comment by Asker, Erdal: Very long sentence.
Education spending based on adequacy will be ideal in ensuring that there is reasonable school spending within low-income school districts. Reasonable and rational spending will be essential in improving long term earnings, as the learners will develop the necessary human intellectual capital and save money for infrastructural development, and other economic activities, which are ideal for improved long-term earnings.
School finance reforms increase school spending in low-income school districts, hence lowering their long-term earnings. The problem is critical, considering that the districts are already poor, indicating limited resources. It is not logical for poor districts to spend highly in education when there are other pressurizing factors to be attended, such as social welfare, health issues and economic development. Rationality on the allocation and utilization of the limited resources is required to establish an effective base for long term earnings. It is not ideal to invest highly in education, then the learners lack an enabling environment to support their economic ideas, or get employed.
The problem exists because there is a need for standardizing public K-12 education across the United States. The problem started arising back in 1968 (the case of San Antonio Independent School District v. Rodriguez). Ogletree Jr et al., (2017, p. 75) Rodriguez wanted the schools to be effectively funded, to offer quality education to learners. School Finance reforms (SFRs) were introduced, and focused on increasing the spending in the schools, under the believes that the large amounts of money spend will enhance the quality of education, and improve long term earnings. The federal government requires all districts to embrace the reforms. There are two key reasons as to why the problem doesn't resolve. First, the federal government supports the reforms to reduce variance in school spending. Secondly, there is string believe that education serves as a critical factor in promoting economic growth, and long-term earnings and the results depend on the quality of education offered. High-quality education demand for much spending, to avail all necessary resources to the learners.
Key stakeholders here are the federal government, the districts (taxpayers) and the learners. Leaners will benefit more from quality education following increased spending. Lowering the amount of money spent in the school will lead to low-quality services, following a shortage of some essential study requirements. The federal government is after ensuring quality education through increased spending, by supporting the reforms, and reducing school spending variance across the districts, hence no suffering. The burden lies on the taxpayers, within the poor districts. They will be required to pay higher taxes to cater for the increased education spending. High taxes on poor people is a way of organizing early burials for them.
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