This report addresses the issue of whether Ontario's investment in elementary education is adequate. Specific questions are posed, reviews of relevant literature conducted, and an assessment of the soundness and completeness of existing evidence is made. After an introductory overview, chapter 2 presents a series of five tables illustrating Ontario school finance trends from 1968 to 1980: per pupil expenditures; the allocation of these funds among public, separate, and secondary schools; the number of special education students; the number of pupils per teacher; and the ratio of public and separate school pupil-teacher ratios to secondary school pupil-teacher ratios. Chapter 3 reviews research that demonstrates the social benefits of education to the entire community. Chapter 4 reviews research showing a positive correlation between education and public health. Similarly, chapter 5 reviews research showing an inverse correlation between education and the crime rate, while chapter 6 draws on research to show the positive effects of education on economic growth. The concluding chapter discusses the private and social rates of return on investment in education. An epilogue provides an update on recent actions taken by the Ontario government in support of education and points out the need for further research. (TE)