Early Childhood Education in the Context of Lifetime Human Capital Investment

Jeffrey Lacker

Speech from Federal Reserve Bank of Richmond

Abstract: Long-run prospects for economic growth and prosperity crucially depend on human capital. Human capital investment has the highest potential reward when made earlier rather than later in life. Early childhood and later investments are complementary, so the long-term payoff of early childhood effort depends in part on the quality of later interventions, such as K-12 education. Formal investments in human capital have failed to keep pace with the nation’s growing demand for skilled workers, suggesting constraints in our education system. Maximizing the ultimate benefits of early childhood education may well require improving the quality of educational efforts later in life.

Date: 2015-10-19
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