A professor of economics says that money isn't the answer?

Throwing money at a problem only works if the problem is that not enough money was thrown at it.

The money in the education system is SPENT on goods and services.

The PROBLEM seems to be that the goods and services upon which that money is spent are not the goods and services that are needed to provide an education in that area.

So, the SOLUTION would seem to be finding what goods and services are needed to provide that education and which are not needed and shifting the funding accourdingly.