Noted University of Chicago economics professor Dr. James J. Heckman, an expert on the economics of early childhood development, made the linked presentation in Monterey County, CA, on March 8, 2012. Of particular note is that investing in early childhood development has proven long-term rates of return of 7-10%, higher than the return on equity from 1945-2008.
For those following JCCI’s Children: 1-2-3 project, this is a fascinating read. Dr. Heckman’s bio:
James J. Heckman is the Henry Schultz Distinguished Service Professor of Economics at the University of Chicago, where he has served since 1973. In 2000, he shared the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel with Daniel McFadden. Heckman directs the Economics Research Center in the Department of Economics and the Center for Social Program Evaluation at the Harris School for Public Policy, and Professor of Law at the University of Chicago School of Law. In addition, he is Professor of Science and Society in University College Dublin and a Senior Research Fellow at the American Bar Foundation. His work has been devoted to the development of a scientific basis for economic policy evaluation. He has developed a body of new econometric tools that address these issues. His recent research focuses on inequality, human development and lifecycle skill formation, with a special emphasis on the economics of early childhood. He is currently analyzing new social experiments on early childhood interventions and reanalyzing old experiments.
Dr. Heckman’s Monterey presentation can be accessed through this link:
Thanks to Children: 1-2-3 Implementation Task Force member Ray Holt for bringing Dr. Heckman’s work to our attention.