James J. Heckman
What’s missing in the current debate over economic inequality is enough serious discussion about investing in effective early childhood development from birth to age 5. This is not a big government boondoggle policy that would require a huge redistribution of wealth. Acting on it would, however, require us to rethink long-held notions of how we develop productive people and promote shared prosperity.
Everyone knows that education boosts productivity and enlarges opportunities, so it is natural that proposals for reducing inequality emphasize effective education for all. But these proposals are too timid. They ignore a powerful body of research in the economics of human development that tells us which skills matter for producing successful lives. They ignore the role of families in producing the relevant skills They also ignore or play down the critical gap in skills between advantaged and disadvantaged children that emerges long before they enter school.
While education is a great equalizer of opportunity when done right, American policy is going about it all wrong: current programs don’t start early enough, nor do they produce the skills that matter most for personal and societal prosperity.
Read more here.