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Policies to foster human capital

  • Heckman, James J.

This 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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Article provided by Elsevier in its journal Research in Economics.

Volume (Year): 54 (2000)
Issue (Month): 1 (March)
Pages: 3-56

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Handle: RePEc:eee:reecon:v:54:y:2000:i:1:p:3-56
Contact details of provider: Web page: http://www.elsevier.com/locate/inca/622941

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  1. Currie, J. & Thomas, D., 1995. "Does Head Start make a Difference?," Papers 95-10, RAND - Reprint Series.
  2. Heckman, James J, 1976. "A Life-Cycle Model of Earnings, Learning, and Consumption," Journal of Political Economy, University of Chicago Press, vol. 84(4), pages S11-44, August.
  3. Arulampalam, W. & Robin A. Naylor & Jeremy P. Smith, 2002. "University of Warwick," Royal Economic Society Annual Conference 2002 9, Royal Economic Society.
  4. Couch, Kenneth A, 1992. "New Evidence on the Long-Term Effects of Employment Training Programs," Journal of Labor Economics, University of Chicago Press, vol. 10(4), pages 380-88, October.
  5. repec:fth:prinin:366 is not listed on IDEAS
  6. John Cawley & James Heckman & Edward Vytlacil, 1999. "On Policies To Reward The Value Added By Educators," The Review of Economics and Statistics, MIT Press, vol. 81(4), pages 720-727, November.
  7. Paul T. Decker & Walter Corson, 1995. "International Trade and Worker Displacement: Evaluation of the Trade Adjustment Assistance Program," ILR Review, Cornell University, ILR School, vol. 48(4), pages 758-774, July.
  8. David Card & Alan Krueger, 1996. "School Resources and Student Outcomes: An Overview of the Literature and New Evidence from North and South Carolina," NBER Working Papers 5708, National Bureau of Economic Research, Inc.
  9. Browning, Martin & Hansen, Lars Peter & Heckman, James J., 1999. "Micro data and general equilibrium models," Handbook of Macroeconomics, in: J. B. Taylor & M. Woodford (ed.), Handbook of Macroeconomics, edition 1, volume 1, chapter 8, pages 543-633 Elsevier.
  10. Neal, Derek, 1997. "The Effects of Catholic Secondary Schooling on Educational Achievement," Journal of Labor Economics, University of Chicago Press, vol. 15(1), pages 98-123, January.
  11. James Heckman & Neil Hohmann & Jeffrey Smith, 1998. "Substitution and Dropout Bias in Social Experiments: A Study of an Influential Social Experiment," UWO Department of Economics Working Papers 9819, University of Western Ontario, Department of Economics.
  12. Duane E. Leigh, 1995. "Assisting Workers Displaced by Structural Change: An International Perspective," Books from Upjohn Press, W.E. Upjohn Institute for Employment Research, number awd, November.
  13. Donohue, John J, III & Siegelman, Peter, 1998. "Allocating Resources among Prisons and Social Programs in the Battle against Crime," The Journal of Legal Studies, University of Chicago Press, vol. 27(1), pages 1-43, January.
  14. James Heckman & Pedro Carneiro, 2003. "Human Capital Policy," NBER Working Papers 9495, National Bureau of Economic Research, Inc.
  15. Ann P. Bartel, 1991. "Productivity Gains From the Implementation of Employee Training Programs," NBER Working Papers 3893, National Bureau of Economic Research, Inc.
  16. James J. Heckman & Lance Lochner & Christopher Taber, 1998. "Explaining Rising Wage Inequality: Explorations with a Dynamic General Equilibrium Model of Labor Earnings with Heterogeneous Agents," NBER Working Papers 6384, National Bureau of Economic Research, Inc.
  17. James J. Heckman & Rebecca L. Roselius & Jeffrey A. Smith, 1993. "U.S. Education and Training Policy: A Re-evaluation of the Underlying Assumptions Behind the "New Consensus A Re-evaluation of the Underlying Assumptions Behind the "New Consensus"," Working Papers 9304, Harris School of Public Policy Studies, University of Chicago.
  18. Lynch, Lisa M, 1992. "Private-Sector Training and the Earnings of Young Workers," American Economic Review, American Economic Association, vol. 82(1), pages 299-312, March.
  19. Eric A. Hanushek, . "The Evidence on Class Size," Wallis Working Papers WP10, University of Rochester - Wallis Institute of Political Economy.
  20. John Cawley & James Heckman & Edward Vytlacil, 1998. "Understanding the Role of Cognitive Ability in Accounting for the Recent Rise in the Economic Return to Education," NBER Working Papers 6388, National Bureau of Economic Research, Inc.
  21. Heckman, James & Layne-Farrar, Anne & Todd, Petra, 1996. "Human Capital Pricing Equations with an Application to Estimating the Effect of Schooling Quality on Earnings," The Review of Economics and Statistics, MIT Press, vol. 78(4), pages 562-610, November.
  22. Robert J. LaLonde, 1995. "The Promise of Public Sector-Sponsored Training Programs," Journal of Economic Perspectives, American Economic Association, vol. 9(2), pages 149-168, Spring.
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