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Federal Reserve Bank of Minneapolis - Research - The ABCs of EDC ...

Source: www.reliefnursery.org
Topic: Economic Development

Sort Desciption: portrayed as economic development initiatives and ... Early Childhood Development:Economic. Development with a High Public Return. DECEMBER 2003 ...

Content Inside: Art Rolnick Senior Vice President and Director of Research Rob Grunewald Regional Economic Analyst Federal Reserve Bank of Minneapolis Note: The following paper was developed in March 2003 with Minnesota audiences in mind. However the authors subsequently discovered a high degree of inter- est throughout the country in their research on the eco- nomics of early childhood development and the univer- sality of the issues discussed. This paper also motivated the October conference at the Minneapolis Fed. 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 govern- ments fund in the name of creating new private businesses and new jobs result in few public bene- fits. 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 result- ing debate illustrates how little is understood about the fundamentals that underlie economic develop- ment. While many recognize the success of the Minnesota economy in the past they see a weaken- ing in the foundations of that success. Some point to the decline in corporate headquarters located in Minnesota. Some point to the lack of 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 pol- icymakers have become too complacent and unwilling to make ...

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