Investing in People as an Economic Growth Strategy

Jeffrey Lacker

Speech from Federal Reserve Bank of Richmond

Abstract: The labor market's slow recovery from the recession has motivated the Richmond Fed to study long-run strategies to improve labor market outcomes. Research suggests that recent trends in unemployment and labor force participation are due at least in part to long-term changes in the economy that are difficult for monetary policy to offset. Workforce development should be thought of not just as a short-term response to labor market shocks, but also as a long-term strategy for making workers more resilient to labor market changes. We may be able to help a large number of future workers by encouraging workforce development efforts that include early investments in human capital. Research also suggests that there may be large gains from better informing young people about the risks and rewards of multiple career paths and postsecondary educational choices.

Date: 2014-06-26
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