Sammy Peretz reports in The Marker (Hebrew) about the speech of a High Mandarin, Prof. Amir Yaron, Chief of Bank Israel, about Israel's public investment criteria. The Bank wants to select investments that most increase the GNP, and it has calculated the yields of investments in three key sectors: Infrastructure (each shekel invested in roads and so increases the GNP by about five shekels), education (better equipped school facilities, highly qualified teachers, more pre-kindergarten hours and so) produces six times its cost, and investing in making the bureaucracy more efficient (more computers, more regulators and consultants, etc.) costs very little and each shekel yields ten, so he says. He prefers infrastructure, like Tel Aviv underground trains project (pic), even if it yields the less of the three investment alternatives, because it is well defined, is highly visible and reduces the time spent driving at rush hours. Who can disagree?
Yaron notes that Israel's population is one of the most educated of the world, and Israel's education budget is among the highest of the world in terms of GNP. Yet the latest PISA results show that Israeli students are among the worst, ranking lower than third-world countries. He wonders "What are those students doing all those years in school?" It is obvious that they are not learning, and we do not know how to spend in education to achieve results.
He is aware that something is not working as it should, yet he repeats that unproved, untrue relationship between investment in education and economic development. Why? He knows that spending even more in education will produce no results, yet he increases year after year the Ministry of Education's budget to the point that Israel is number one in spending (and the last in PISA exams).
I shall not comment on investing in the bureaucracy. Yaron must well know that investing in regulatory agencies does not increase the GNP but reduces it. That is obvious except for those whose salaries are an item in the Budget, say, Prof. Amir Yaron.
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