It’s rare to read an education report that doesn’t mention the learning crisis. As data on low learning levels have emerged in recent years, global education aid has swung its focus sharply toward improving test scores among primary school children. Of course, learning to read is a good thing in its own right. But when competition for scarce education resources is fierce, does this focus on foundational literacy pay off in terms of increased earnings, health, or other dimensions of well-being in the long term? At present, we do not have a fully credible answer to this question.