By our cultural heritage we are led to believe that the performance of students can be improved by providing more resources to the schools. This would allow schools to provide more individualized instruction, to hire more qualified teachers, and to expand program offerings. But what is often missed in current discussions is that this is exactly the experiment that we have been conducting. School expenditures per pupil, after allowing for inflation, almost doubled between 1960 and 1975. These increases led to smaller classes, more teachers with advanced degrees, more experienced teachers, and better paid teachers. But there were no concomitant improvements in student achievement.