The Economics of Scaling Early Childhood Programs: Lessons from the Chicago School

John A. List

Journal of Political Economy, 2026, vol. 134, issue 1, 1 - 48

Abstract: Many ideas succeed in small trials but weaken considerably at scale. Using early childhood investment as a case study, this paper develops a dynamic microfounded human capital model stylized in the Chicago tradition. The framework features optimizing agents, complementary skill formation, and a policymaker choosing scaling strategies. The model shows that naive extrapolation from pilots systematically overestimates societal impact by overlooking voltage drops: declining benefit-cost profiles due to unrepresentative samples and contexts. Optimal scaling requires option C thinking, a mechanism-based design approach that anticipates these failures through backward induction from real-world implementation constraints. Studies in this special issue enrich the model’s insights.

Date: 2026
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