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Policies to Foster Human Capital

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Author Info
James J. Heckman

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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.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 7288.

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Date of creation: Aug 1999
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Publication status: published as Heckman, James J. "Policies To Foster Human Capital," Research in Economics, 2000, v54(1,Mar), 3-56.
Handle: RePEc:nbr:nberwo:7288

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D33 - Microeconomics - - Distribution - - - Factor Income Distribution

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References listed on IDEAS
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  1. Card, David & Krueger Alan B, 1996. "School Resources and Student Outcomes: An Overview of the Literature and New Evidence from North and South Carolina," Journal of Economic Perspectives, American Economic Association, vol. 10(4), pages 31-50, Fall. [Downloadable!] (restricted)
    Other versions:
  2. 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. [Downloadable!]
    Other versions:
  3. Eric A. Hanushek, . "The Evidence on Class Size," Wallis Working Papers WP10, University of Rochester - Wallis Institute of Political Economy. [Downloadable!]
  4. 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. [Downloadable!] (restricted)
  5. Janet Currie & Duncan Thomas, 1993. "Does Head Start Make a Difference?," NBER Working Papers 4406, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  6. Martin Browning & Lars Peter Hansen & James J. Heckman, 1999. "Micro Data and General Equilibrium Models," Discussion Papers 99-10, University of Copenhagen. Department of Economics.
    Other versions:
  7. 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.
  8. 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. [Downloadable!] (restricted)
  9. 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. [Downloadable!] (restricted)
  10. Donohue, John J, III & Siegelman, Peter, 1998. "Allocating Resources among Prisons and Social Programs in the Battle against Crime," Journal of Legal Studies, University of Chicago Press, vol. 27(1), pages 1-43, January.
  11. Carneiro, Pedro & Heckman, James J., 2003. "Human Capital Policy," IZA Discussion Papers 821, Institute for the Study of Labor (IZA). [Downloadable!]
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  12. Mincer, J., 1993. "Investment in U.S. Education and Training," Discussion Papers 1993_11, Columbia University, Department of Economics.
  13. Charles T. Clotfelter & Michael Rothschild, 1993. "Studies of Supply and Demand in Higher Education," NBER Books, National Bureau of Economic Research, Inc, number clot93-1, December.
  14. LaLonde, Robert J, 1995. "The Promise of Public Sector-Sponsored Training Programs," Journal of Economic Perspectives, American Economic Association, vol. 9(2), pages 149-68, Spring. [Downloadable!] (restricted)
  15. Paul Decker & Walter Corson, 1995. "International trade and worker displacement: Evaluation of the Trade Adjustment Assistance Program," Industrial and Labor Relations Review, ILR Review, ILR School, Cornell University, vol. 48(4), pages 758-774, July.
  16. repec:fth:prinin:366 is not listed on IDEAS
  17. 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. [Downloadable!] (restricted)
    Other versions:
  18. 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. [Downloadable!] (restricted)
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