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dc.contributor.authorCarneiro, Pedroen_US
dc.contributor.authorHeckman, James Josephen_US
dc.description.abstractThis paper considers alternative policies for promoting skill formation that are targeted to different stages of the life cycle. We demonstrate the importance of both cognitive and noncognitive skills that are formed early in the life cycle in accounting for racial, ethnic and family background gaps in schooling and other dimensions of socioeconomic success. Most of the gaps in college attendance and delay are determined by early family factors. Childrenfrom better families and with high ability earn higher returns to schooling. We find only a limited role for tuition policy or family income supplements in eliminating schooling and college attendance gaps. At most 8% of American youth are credit constrained in the traditional usage of that term. The evidence points to a high return to early interventions and a low return to remedial or compensatory interventions later in the life cycle. Skill and abilitybeget future skill and ability. At current levels of funding, traditional policies like tuition subsidies, improvements in school quality, job training and tax rebates are unlikely to be effective in closing gaps.en_US
dc.publisher|aInstitute for the Study of Labor (IZA) |cBonn-
dc.relation.ispartofseries|aIZA Discussion paper series |x821en_US
dc.subject.keywordhuman capitalen_US
dc.subject.keywordlife cycleen_US
dc.subject.stwVereinigte Staatenen_US
dc.titleHuman Capital Policyen_US
dc.typeWorking Paperen_US

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