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The Economics & Psychology of Inequality and Human Development

Author

Listed:
  • Flavio Cunha

    (University of Pennsylvania)

  • James J. Heckman

    (University of Chicago & University College Dublin)

Abstract

Recent research on the economics of human development deepens under- standing of the origins of inequality and excellence. It draws on and contributes to personality psychology and the psychology of human development. Inequal- ities in family environments and investments in children are substantial. They causally affect the development of capabilities. Both cognitive and noncognitive capabilities determine success in life but to varying degrees for different out- comes. An empirically determined technology of capability formation reveals that capabilities are self-productive and cross-fertilizing and can be enhanced by investment. Investments in capabilities are relatively more productive at some stages of a child's life cycle than others. Optimal child investment strategies diver depending on target outcomes of interest and on the nature of adversity in a child's early years. For some configurations of early disadvantage and for some desired outcomes, it is efficient to invest relatively more in the later years of childhood than in the early years.

Suggested Citation

  • Flavio Cunha & James J. Heckman, 2009. "The Economics & Psychology of Inequality and Human Development," Working Papers 200905, Geary Institute, University College Dublin.
    • Handle: RePEc:ucd:wpaper:200905
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    File URL: http://www.ucd.ie/geary/static/publications/workingpapers/gearywp200905.pdf
    File Function: First version, 2009
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    More about this item

    Keywords

    inequality; capabilities; noncognitive traits; human development; technology of capability formation; policy targeting;
    All these keywords.

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