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Policies to foster human capital

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Listed author(s):
  • Heckman, James J.

Abstract

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.

(This abstract was borrowed from another version of this item.)

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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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Find related papers by JEL classification:
  • D33 - Microeconomics - - Distribution - - - Factor Income Distribution

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  14. 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.
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  18. 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.
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