What are schools for? To prepare students for participation in an economy? To cultivate virtue? Or just to make sure that no child is left behind?

Economist Sam Peltzman argued in 1993 that American public schools were failing by at least one of those standards, and that certain political conditions were to blame.

AEI’s Rick Hess joins the show to discuss whether Peltzman had the right answers — or was even asking the right questions.

This lecture was originally delivered at AEI in April 1993.

Listen to the full lecture here.