In some developing countries private rates of return to primary education have fallen to low levels. An explanation is provided as to why this fall need not reduce the demand for primary education. Primary schooling is a necessary input into post‐primary. In an educational system that is demand‐constrained at the primary and supply‐constrained at the post‐primary level, the ‘prospect’ of post‐primary schooling raises the primary return above the rate as conventionally measured. An application of the model to two countries — Côte d'Ivoire and Uganda — doubles the primary rate of r