The Economics of Inequality
The Value of Early Childhood Education
James J. Heckman
The fairness of education is often discussed as an ethical issue. It can also be argued that equity is a way to promote productivity and an efficient economy. James J. Heckman is an economist, and his primary focus is on the lucrative value of building equal educational chances and achievement so that the most successful way to boost the productivity of the American economy. Heckman says we need a willing and useful workforce that will compete successfully in the global economy. The potential of the people are underdeveloped which burden the economy and leaves a weak workforce.
Equity and efficiency are usually looked as competing goals, when devising a policy one may be fear however what is fair isn’t always economically efficient. Causing a cut in the tax rate on capital gains supports economic efficiency by stimulating investment; however it is not fair because it primarily benefits those that are wealthy. Yet there are some polices that are both fair promoting both equity and economic efficiency. The investment of early years for disadvantage children’s lives is one policy. A large amount of data has shown that the equity of education is much more than a social justice essential; it is an economic essential that has a huge impact on the nation.
Our society has limited resources. Taxpayers can and should look forward to value for their money in programs ran by the government and in their fellow citizens. Analyzing the economic value of hard work to generate human capital helps to see where it is best for citizens to invest their resources in education to achieve the goal of equalizing opportunity to construct better and long-term values for all. The proof is vivid that unfairness in the maturation of human capabilities gives negative social and economic results that can and should be prevented if there were more investments in early childhood education, focusing primarily on less fortunate children and their families.
As a replacement for the traditional models of human skill formation America should construct a more modern approach to educate the children of the twenty-first century in success. Long-term studies have been performed to examine the influence of early investment on schooling and adult outcomes. At the conclusion of the studies the analyzers found that inequality in early childhood experiences and learning will lead to an inequality in capabilities, achievements, and success in adulthood. Also that the combination of cognitive and social skills is the driver for education and life success and personality development is an important and neglected factor. Adverse effects of genetic pre-disposition, parental, and environmental cues can be navigated in a positive direction if their were more investments in early childhood education that provide better resources that can help gear both children and their parents develop proper cognitive and social skills. Lastly the analyzers found that investment in early education for disadvantage children from infancy to age 5 helps decrease the accomplishment gap, lessen the need for special education, increase healthier living, lower the crime rate, and reduce overall social costs.