This article deals with the current situation of revenues, expenditures and school finance. The authors discuss elaborating conceptions of resources, clarifying why funding is often wasted, and why the translation of funding into effective resources is not straightforward. They discuss their approach of converting revenues to results in a simple input-output model. The authors also discuss the political economy of waste and models of revenues, resources, and results. The following implications are also discussed: (1) implications for educators and administrators; (2) implications for policy; and (3) implications for litigation. (Contains 2 tables, 1 figure and 80 footnotes.)