Policies to Foster Human Capital
AbstractThis paper considers the sources of skill formation in a modern economy and emphasizes the importance of both cognitive and noncognitive skills in producing economic and social success and the importance of both formal academic institutions and families and firms as sources of learning. Skill formation is a dynamic process with strong synergistic components. Skill begets skill. Early investment promotes later investment. Noncognitive skills and motivation are important determinants of success and these can be improved more successfully and at later ages than basic cognitive skills. Methods currently used to evaluate educational interventions ignore these noncogntive skills and therefore substantially understate the benefits of early intervention programs and mentoring and teenage motivation programs. At current levels of investment, American society underinvests in the very young and overinvests in mature adults with low skills.
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Bibliographic InfoPaper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 7288.
Date of creation: Aug 1999
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Other versions of this item:
- James J. Heckman, 2000. "Policies to Foster Human Capital," JCPR Working Papers 154, Northwestern University/University of Chicago Joint Center for Poverty Research.
- James Heckman, 2000. "Policies to Foster Human Capital," Working Papers 0028, Harris School of Public Policy Studies, University of Chicago.
- D33 - Microeconomics - - Distribution - - - Factor Income Distribution
This paper has been announced in the following NEP Reports:
- NEP-ALL-1999-08-27 (All new papers)
- NEP-CDM-1999-08-27 (Collective Decision-Making)
- NEP-EDU-1999-08-27 (Education)
- NEP-IND-1999-08-27 (Industrial Organization)
- NEP-LAB-1999-08-27 (Labour Economics)
- NEP-PUB-1999-08-27 (Public Finance)
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