Are Efficiency and Equity in School Finance Substitutes or Complements?
分析了地方与中央学校财政及代金券、分类补助等政策的理论依据，认为中央财政夸大了效率与公平的权衡，而地方财政结合分类补助和按收入审查的代金券更能兼顾两者。
This paper analyzes cases made for local and centralized school finance and policies such as vouchers, categorical aid, and equalization aid. An ideal system of school finance would achieve efficiency and equity by ensuring every person invests in the amount of schooling that is socially optimal for him. The author evaluates the empirical evidence for, and the merit and importance of, arguments for each policy. She concludes that the theoretical arguments for centralized finance not only exaggerate the efficiency-equity tradeoff but actually make better arguments for a system combining local school finance with categorical aid and means-tested vouchers.