Aug26th2005

Quote Of The Day

“Most macroeconomists think of human capital as education, measured by years of school. Or if they’re a little more sophisticated, they measure human capital by test scores like IQ or an achievement test. Neglected are all the noncognitive abilities that are produced by healthy families. Deficiencies in these skills can be partially remediated, as we know from the early intervention programs. Not completely remediated, but certainly gaps can be closed. The things we used to think of as soft and fuzzy have a real effect on behavior”. –Interview with James J. Heckman, Nobel Prize in Economic Sciences, 2000

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