< Back Review of The Economic Benefits of New York City’s Public School Reforms, 2002-2013 Summary An estimated $74 billion impact was attributed to the reforms (based on earnings of students who graduated under the reforms – who might not have otherwise – and on property values). The report assumes that higher graduation rates and charter school availability increased residential property values in the city. Publication Date March 31, 2014 Research Areas Governance & Public Education; School Funding Authors Robert J. Shapiro, Sonecon, Inc. & Kevin A. Hassett, American Enterprise Institute (AEI); Sean P. Corcoran, New York University Publication Type Think Twice Download the Policy Brief Press Release Think Twice Review of NYC Reforms Sonecon analysis seriously flawed, useless for policymakers EAST LANSING, Mich. (Mar. 31, 2014) – A recent paper attempts to estimate the economic impact of school reforms implemented by former NYC Mayor Michael Bloomberg. The report suggests that reforms enacted by Bloomberg boosted the city's economy by an estimated $74 billion. However, a review of the report out today finds that it is so seriously flawed as to be useless for policymakers. The Economic Benefits of New York City's Public School Reforms, 2002-2013 was produced by Robert J. Shapiro of Sonecon, Inc., a Washington, D.C., economic advisory firm, and Kevin A. Hassett of the American Enterprise Institute. Sean P. Corcoran, associate professor of educational economics at New York University, reviewed the report for the Think Twice think thank review project. The National Education Policy Center (NEPC) produced the review with funding from the Great Lakes Center for Education Research and Practice. The paper highlighted a range of school reforms implemented by Bloomberg: (1) centralizing school governance while increasing both financial autonomy and accountability for individual school leaders; (2) raising teacher salaries; (3) standardizing the curriculum; (4) tying school funding to student need; and (5) aggressively expanding school choice, including the opening of 160 charter schools. An estimated $74 billion impact was attributed to the reforms (based on earnings of students who graduated under the reforms – who might not have otherwise – and on property values). The report assumes that higher graduation rates and charter school availability increased residential property values in the city. Professor Corcoran writes, "While such estimates are always an exercise in some level of speculation, this report relies on highly inappropriate assumptions to reach its conclusions." Breaking down the math of the authors, Corcoran calculates that the impact on property values attributed to the Bloomberg-era educational reforms is comparable to "two-thirds of the entire increase in residential property values between 2007 and 2013." Corcoran found that many NYC public school students did experience "real educational and economic gains" during Bloomberg's time in office, but the estimates that the Sonecon report makes, he concludes, "are pure fantasy." Find this Think Twice Review on the Great Lakes Center website: http://www.greatlakescenter.org Find The Economic Benefits of the New York City's Public School Reforms, 2002-2013 on the web: http://www.sonecon.com/studies.php Think Twice, a project of the National Education Policy Center (NEPC) , provides the public, policymakers and the press with timely, academically sound reviews of selected publication. The project is made possible with funding from the Great Lakes Center for Education Research and Practice. The review can also be found on the NEPC website: http://nepc.colorado.edu The mission of the Great Lakes Center for Education Research and Practice is to support and disseminate high quality research and reviews of research for the purpose of informing education policy and to develop research-based resources for use by those who advocate for education reform. Visit the Great Lakes Center Web Site at: http://www.greatlakescenter.org . Follow us on Twitter at: http://twitter.com/greatlakescent . Find us on Facebook at: https://www.facebook.com/GreatLakesCenter. Contact: Sean Corcoran, (212) 992-9468, sean.corcoran@nyu.edu Dan Quinn, (517) 203-2940, dquinn@greatlakescenter.org Previous Next sign up for emails Get the latest K-12 education policy research delivered straight to your inbox! Read More

ADVANCING K-12 Research Browse Publications By Topic Assessment & Accountability Curriculum & Instruction Education Policy Equity & Civil Rights Community Engagement School Choice & Charter Schools School Climate School Funding School Leadership Early Childhood Teacher Workforce Technology & AI Our Research Initiatives At the Great Lakes Center for Education Research and Practice, we strive to enhance K-12 education through rigorous research and insightful publications. Our work supports educators and policymakers in making informed decisions that impact students' lives. Discover More Our Mission The mission of the Great Lakes Center for Education Research and Practice is to support and disseminate high quality research and reviews of research for the purpose of informing education policy and to develop research-based resources for use by those who advocate for education reform. Learn About Us Join Us On Social Media! sign up for emails Get the latest K-12 education policy research delivered straight to your inbox! Read More

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Our Mission Our mission is to support and disseminate high quality research and reviews of research for the purpose of informing education policy and to develop research-based resources for use by those who advocate for education reform. Our Board of Directors Peggy Wirtz-Olsen Board President President, Wisconsin Education Association Jennifer Smith-Margraf Board Vice President President, Indiana State Teachers Association Daniel Holub Secretary-Treasurer Director of Research & Economic Services, New Jersey Education Association Bob Baxter Trustee Executive Director, Wisconsin Education Association Council Steve Beatty Trustee President, New Jersey Education Association Jason Burns Trustee Midwest Director, National Education Association Monica Byron Trustee President, Education Minnesota Airica Clay Trustee Executive Director, Ohio Education Association Erik Edoff Trustee Executive Director, Michigan Education Association Karl Goeke Trustee President, Illinois Education Association Carrie Lucking Trustee Executive Director, Education Minnesota Chandra Madafferi Trustee President , Michigan Education Association Ronald "Duff" Martin Trustee Director, NEA Executive Committee Stacey Pelika Trustee Director of Research, National Education Association Mike Shoudy Trustee Executive Director, Illinois Education Association Brett Smith Trustee Vice President, Michigan Education Association Jeff Wensig Trustee President, Ohio Education Association Nate Williams Trustee Executive Director, Indiana State Teachers Association Staff Maddie Fennell Executive Director Cheryl Cherry Executive Assistant Jen Hyman Communications Consultant

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