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| Author: | Cunha, F. Heckman, J.J. |
| Title: | The economics and psychology of inequality and human development |
| Journal: | Journal of the European Economic Association
2009 : APR-MAY, VOL. 7:2-3, p. 320-364 |
| Index terms: | inequality psychology investment children |
| Language: | eng |
| Abstract: | Recent research on the economics of human development deepens the understanding of the origins of excellence and inequality. Inequalities in family environments as well as investments in children are substantial and they causally affect the development of capabilities. Both cognitive and noncognitive capabilities determine success in life. It is revealed that capabilities are self-productive and cross-fertilizing and can be enhanced by investment. The stage of a child's life cycle has an effect on the productivity of investments in capabilities. Optimal child investment strategies differ depending on target outcomes of interest. They also differ depending on the nature of adversity in a child's early years. It is efficient to invest relatively more in the later years of childhood than in the early years. |
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