If you follow the KIPS Blogs, you know that we are big fans of James Heckman (1, 2), from the University of Chicago Center for the Economics of Human Development, who is a tireless advocate for investing in early intervention to gain greater returns for children, families, and communities.
In a previous blog, we took a look at his small book entitled Giving Kids a Fair Chance (A Strategy that Works). As a Nobel Prize winning economist, Heckman’s writing is often highly technical. However, he wrote this powerful little book in plain language to get his message out to the public. In Giving Kids a Fair Chance, Heckman makes 3 powerful points. For his website, he has distilled these 3 points into what is known as the Heckman Equation: invest + develop + sustain = gain. Heckman estimated a sevenfold return on quality investments in the preschool years for three and four-year-olds. There is no other known public investment that can make this claim.
Or is there?