Realtors know that for some homebuyers, good schools can be a one of a home’s strongest selling points.

National Association of Realtors economist Lawrence Yun has an idea for improving schools: divert some of the money earmarked for public education, and let "smart, trusted people" like Oprah Winfrey, T. Boone Pickens and Warren Buffet pick "entrepreneurs to come up with a new educational system."

Yun’s suggestion comes in a blog post about the critical role worker productivity plays in economic growth.

He says the U.S.’s 3 percent annual growth in gross domestic product (GDP) is due to the "simple math of a 1 percent rise in population and a 2 percent rise in worker productivity."

Over time, a small boost in GDP growth — due either to faster population growth or increased worker productivity — could have a huge impact on national income, tax revenue and government debt.

Realtors know that for some homebuyers, good schools can be a one of a home’s strongest selling points.

National Association of Realtors economist Lawrence Yun has an idea for improving schools: divert some of the money earmarked for public education, and let "smart, trusted people" like Oprah Winfrey, T. Boone Pickens and Warren Buffet pick "entrepreneurs to come up with a new educational system."

Yun’s suggestion comes in a blog post about the critical role worker productivity plays in economic growth.

He says the U.S.’s 3 percent annual growth in gross domestic product (GDP) is due to the "simple math of a 1 percent rise in population and a 2 percent rise in worker productivity."

Over time, a small boost in GDP growth — due either to faster population growth or increased worker productivity — could have a huge impact on national income, tax revenue and government debt.

If GDP grew at 5 percent instead instead of 2 percent, Yun says, by 2040 the federal government could be netting $11.4 trillion in tax revenue instead of $4.8 trillion, without raising taxes — "more than plentiful to cover just about any government program, pay off debt, and then some."

Some ideas that have been put forward for boosting worker productivity include cutting taxes, investing in infrastructure, or subsidizing high-tech education.

"A wacky idea would involve constantly cloning figures like Bill Gates or Steve Jobs," Yun jokes.

But Yun is not kidding when he advocates a "competition of best ideas" in education.

For-profit entrepreneurs "may be able to deliver drastically higher results at a lower cost," he says in advocating that policymakers "carve out" funding from public education. "We should not be disturbed by the profit motive of entrepreneurs provided that the students, particularly those of low-income families, are able to become highly productive."

Publicly funded charter schools have already caught on in many communities as an alternative to traditional schools, although debate continues over concerns that charter schools may "skim the cream," attracting top students and undermining support for the funding of traditional public schools.

Show Comments Hide Comments
Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
Only 3 days left to register for Inman Connect Las Vegas before prices go up! Don't miss the premier event for real estate pros.Register Now ×
Limited Time Offer: Get 1 year of Inman Select for $199SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription
×