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Thursday, March 14, 2024

Commentary: A Robust Education Marketplace Means Some Schools Will Fail

A couple of years ago, I was presenting at a small education conference in New York when someone asked what a success indicator might be for a dynamic, decentralized education marketplace.

“When we see some schools shutting down,” I responded.

In an education free market, parents are the customers. If they are not satisfied with a particular school’s offerings, they can and will leave—just as they would stop using any other product or service that doesn’t meet their expectations. If enough parents aren’t satisfied and leave, the school will shut down. This is a signal of a vibrant, competitive educational marketplace. It is the ultimate accountability metric.