Most Americans now accept and believe that school choice is a good thing. But the largest teachers’ union, the NEA, still adamantly opposes allowing public funds to follow the student to the school of his choice. And the political clout of the teachers’ union remains the biggest impediment to improvement in education.
I am a disciple of free-market economics. Economics steers every human undertaking. It is ubiquitous in every aspect of our daily lives and has been since the dawn of man. Every adult on Earth awakens each day and sets out to improve the standard of living for himself and his family. Nothing is more basic and necessary to our sustained well-being than knowledge of the economic forces that create wealth.
The law of supply and demand is as universally accepted as the law of gravity. When the supply of something is scarce, it is more valuable. And when something is valuable and in high demand, more of it will be produced. In a true free market consumers will always choose the product that best meets their needs at the lowest price, and the profit motive for meeting this demand guarantees the continuous improvement of products. Free competition for that profit completes the equation.
Free-market supply and demand has brought us smart phones, better cars, nicer homes – comfort, safety and wealth. In a free market profits and wealth are generated as the quality of products improve and prices go down. So why hasn’t the quality of education improved in our country, the epicenter of the free market, despite massive spending? Clearly it’s because education has been removed from the free market.