NAR economist plugs 'competition of ideas' in education

Yun: Boost in worker productivity would take care of 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.