Fiscal inefficiency in education is addressed in this book and ideas for achieving increased efficiency while more effectively using resources to maintain reasonable equality of opportunity in higher education are examined. Fourteen articles and authors that consider social efficiency, equity, and policy implications are as follows: "Efficiency and Equity Criteria for Educational Budgeting and Finance" (Walter W. McMahon); "Human Capital Approaches in Organizing and Paying for Education" (Theodore W. Schultz); "Household Production of Human Capital: Time Uses of Parents and Children as Inputs" (Charles S. Benson); "Productivity and Cost Effectiveness as Financing Criteria" (Richard A. Rossmiller); "Efficiency in Educational Finance: The Classroom Perspective" (J. Alan Thomas, Frances Kemmerer, and David H. Monk); "Measuring Non-monetary Benefits of Education: A Survey" (Robert T. Michael); "The Monetary Returns to Education as Partial Social Efficiency Criteria" (Walter W. McMahon and Alan P. Wagner); "Concepts of Equity" (Kern Alexander); "Equity and Higher Education Finance: The Case of Community Colleges" (Susan C. Nelson); "The Search for Equity in School Finance" (Stephen J. Carroll); "Shifting Sources of Financing Education and the Taxpayer Revolt" (John F. Due); "Combining Efficiency and Equity: Optimization of Resource Allocation in State School Systems" (Elchanan Cohn); "State and Federal Pressures for Equity and Efficiency in Education Financing" (Allan Odden); and "Educational Finance: Research Findings and Policy Implications" (Terry G. Geske). (SW)