How much is a good teacher worth? Some would say they’re priceless, but recent findings in the National Bureau of Economic Research’s The Economic Value of Higher Teacher Quality, is a bit more exact. The report, written by Eric A. Hanushek, suggests that quality teachers with 20 students are worth $400,000 more in the future earnings of their students than an average teacher, annually.
Hanushek examines how the quality and effectiveness of a good teacher can impact a student’s future success and how this achievement can effect future economic outcomes for the country as a whole.
According to his calculations, it isn’t just that good teachers are worth a lot when considering our economic future as a country; alternatively, bad teachers are costing us trillions. Hanushek says that by exchanging the bottom 5-8 percent of crummy teachers with average teachers, the United States, as a country, could jump up the ranks to top in math and science, generating an astounding $100 trillion in present-day value.
The full report can be found at the NBER website.