Investing in People for Long-Term Prosperity

Jeffrey Lacker

Speech from Federal Reserve Bank of Richmond

Abstract: A skilled workforce is essential to a region’s economic vitality. New innovations recently have tended to increase the demand for skilled workers, leading to higher wages for them. But, in general, as the higher wages spur more people to obtain the necessary education, the supply of skilled workers responds to the demand, and the wage differential narrows. The increase in the college premium over the past several decades suggests that we are not keeping pace with the economy’s demand for skilled workers. Strategies to increase human capital investment include providing students with more information about college preparedness; informing them about multiple career and educational options; and laying a foundation with early childhood education. A comprehensive approach to human capital investment is essential to our nation’s prosperity and to providing workers with the skills to share in that prosperity.

Date: 2015-04-15
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