framework.

Credit: James Heckman BA PhD (1944-) 

Summary:

The Heckman Equation (Invest + Develop + Sustain = Gain) references a way of thinking about investment in people, particularly young people. The equation points to the likely gains – for the people concerned, their community and the economy – that flow from the early investment in human potential. James Heckman is a Nobel Memorial Prize winner in economics and an expert in the economics of human development, particularly early childhood development.

Real world application:

Invest in the social and educational developmental resources for vulnerable families in order to provide equal access to successful early childhood development. The delivery of Child and Family Learning Centres (CFLCs) across more than a dozen Tasmanian communities is an example of this type of investment by successive state governments.

Develop and nuture the early development of cognitive and social skills in children from pregnancy to age twelve. Tasmania’s education initiative ‘Launching into Learning’ (LiL) and CFLCs (noted above) are examples of this type of development. The Thrive by Five initiative similarly supports the development of children in the early years by seeking to increase the quality and accessibility of early learning services in Australia.

Sustain early development with effective education through adolescence into adulthood. paul believes the upper age limited for CFLCs could be increased from five to eight years of age to ensure parents continue to receive support as their  children transition to primary school. This higher age range is deployed in Western Australian Child and Family Centres. Additionally, programs to support vulnerable children to transition successfully from primary school to high school, and high school to upper secondary education requires consideration.

Gain a more competent, and confident citizenry, and more capable, productive, and valuable workforce that pays dividends for the community for generations.