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1 Federal Reserve Bank of Minneapolis March 2003 Early Childhood ...

Source: www.minneapolisfed.org
Topic: Economic Development

Sort Desciption: Early Childhood Development: Economic Development with a High Public Return ... bottom of the economic development lists for state and local governments. ...

Content Inside: 1 Federal Reserve Bank of Minneapolis March 2003 Early Childhood Development: Economic Development with a High Public Return Art Rolnick Senior Vice President and Director of Research Rob Grunewald Regional Economic Analyst Early childhood development programs are rarely portrayed as economic development initiatives and we think that is a mistake. Such programs if they appear at all are at the bottom of the economic development lists for state and local governments. They should be at the top. Most of the numerous projects and initiatives that state and local governments fund in the name of creating new private businesses and new jobs result in few public benefits. In contrast studies find that well-focused investments in early childhood development yield high public as well as private returns. Why the case for publicly subsidizing private businesses is flawed and misguided Over the last few years the future of Minnesotas economy has been called into question. The resulting debate illustrates how little is understood about the fundamentals that underlie economic development. While many recognize the success of the Minnesota economy in the past they see a weakening in the foundations of that success. Some point to the decline in corporate headquarters located in Minnesota. Some point to the lack of 2 funding for new startup companies particularly in the areas of high-tech and biotech. Some point to the possible loss of professional sports teams. Some think the University of Minnesota is not visible enough in the business community. And still others raise the broader concern that Minnesotas citizens and policymakers have become too complacent and unwilling to make the public commitment to be competitive in a global economy. Those who raise these concerns conclude that Minnesota and local governments need to take a more active role in promoting our economy. Often that implies that the state or local governments subsidize private activities that the mark ...

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