Society clearly benefits when businesses compete. Competition forces firms to innovate and adopt least-cost methods of production. It rewards efficient producers and punishes inefficient ones. As such, competition is a key to economic prosperity in a market economy. ; There is an increasing body of evidence that competition is also a key to improving our educational system. I'd like to talk today about that evidence, about policy initiatives that can foster increased competition, and about the complications that are frequently swept under the rug in the school choice debate.
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Article provided by Federal Reserve Bank of Dallas in its journal In Depth.