What is a good school? Many parents want to send their kids to “elite” schools. Sometimes this starts from kindergarten (which is sick). However, these “elite” schools are not always (I would maybe also rarely use) excellent. They are elite from filtration bias. If you take the best kids, they will do well in competitions, exams and admissions to higher levels.
However, these kids would most probably be also good in a standard school.
A good school is one, which takes an average student and turns him or her into an excellent one. Or takes a bad student and turns him into an average one.
Sending kids to “elite” schools often provides good output. “Better” universities ergo better contacts and prospects. What these kinds of schools and universities provide most often is better social network, not a better education.
On the other hand, by concentrating on few “elite” schools, kids are put under enormous pressure. From admission (rejection is hard) to even after admission (you are not the smartest kid in the room anymore). It can help some. Some drive on competition. It will hurt others, the pressure will lead to depression, anxiety and bad outcomes overall.
What it will definitely do is hurt society at large. If you take the best students from standard schools, there is no one to help them, be a model for them. And the gap is widening generation to generation.
I do not like the concept of elite schools. I know too many successful people from standard schools or without university education. The only thing that parents do to kids by pushing them to “elite” school is hurting them and society.
Of course, if a kid wants to be excellent and learn, let’s give him the option. Let him attend extracurricular activities, clubs, societies. But do not remove him to an artificial environment which hurts everyone.