Spending on K-12 education across the United States and across local school districts has long been characterized by great disparitiesâ€"disparities that reflect differences in property wealth and tax rates. For more than a quarter-century, reformers have attempted to reduce these differences through court challenges and legislative action. As part of a broad study of education finance, the committee commissioned eight papers examining the history and consequences of school finance reform undertaken in the name of equity and adequacy. This thought-provoking, timely collection of papers explores such topics as:

• What do the terms "equity" and "adequacy" in school finance really mean?
• How are these terms relevant to the politics and litigation of school finance reform?
• What is the impact of court-ordered school finance reform on spending disparities?
• How do school districts use money from finance reform?
• What policy options are available to states facing new challenges from court decisions mandating adequacy in school finance?
• When measuring adequacy, how do you consider differences in student needs and regional costs?