Spending on K-12 education across the United States and across local school districts has long been characterized by great disparities--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?