Starting Early in Workforce Development

Jeffrey Lacker

Speech from Federal Reserve Bank of Richmond

Abstract: College-educated workers earn significantly more and are much less likely to be unemployed than workers without a college degree. Over the same period that the gap in earnings has increased, manufacturing employment, which used to employ many workers without a college degree, has decreased. Evidence on the effectiveness of many traditional workforce development programs is mixed, with modest positive results at best. One reason might be that many programs are reaching workers later in life, when they may not have time to recoup large investments in their human capital. There is increasing interest in both the public and private sectors in directing workforce development efforts toward young people, in particular to inform them about career opportunities and multiple options for post-secondary education. These programs have the potential to reduce the high school and college dropout rates. More important, they may help young workers achieve their full potential, and lay the groundwork for future generations to achieve their potential as well.

Keywords: trade; and; international; economics (search for similar items in EconPapers)
Date: 2013-11-05
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Persistent link: https://EconPapers.repec.org/RePEc:fip:r00034:101585

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