The academic productivity and financing of 73 teacher education programs in state universities and land-grant colleges in 40 states were analyzed. Of 111 schools mailed questionnaires, deans from 73 responded. Data were provided on 211 variables in major categories of program approval, faculty, faculty load, and salaries; budgets and related full-time-equivalent (FTE) staffing; academic productivity by level; and degrees conferred by level. Another 70 variables were calculated from the data including: average class size; credit hour productivity per FTE faculty; cost per credit hour; cost per FTE student; institutional program complexity; student-faculty ratios; faculty to support staff ratios; and resources from university and external sources. It was found that many teacher education programs are severely underfunded. The average direct costs of instruction per undergraduate teacher education major was only 67 percent as much as for a public school student. It is concluded that university administrators fund academic programs with little apparent relationship to what these colleges produce. Tables present data on over 70 program variables. A list of participating institutions, the questionnaire, and a table of program complexity factors are appended. (Author/LB)