New models of exchange are critical to the solution economy. They hold the secret to attracting capital of all types and from all sources and applying it effectively to societal problems. Below, William D. Eggers and Paul Macmillan discuss how new methods of pooling resources and directing investments to social issues are growing rapidly.
Which of the following best assesses a student’s critical-thinking skills and command of a given subject?
a. A multiple-choice test
b. An essay
Everybody knows that option B is the correct answer. So why are high school students often asked to write just three essays per semester? Because of the high cost of grading them. When professional graders score essay portions of standardized tests, the price tag runs from $2 to $3 per essay. Multiplied by millions of students, that’s a hefty tab. Thus teachers make do with the less meaningful yardstick of multiple choice tests because they’re easier to grade. But what if a computer could grade your essay just as well as your teacher could?