by Timothy J. Bartik
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"Once again, Bartik shows why he is the 'go-to guy' on the economics of local economic development." --Michael Mandel, former Chief Economist at BusinessWeek"Tim Bartik has written a thoughtful book on the value of a local approach to financing and creating early interventions to foster child development. The economic case for supplementing the early environments of disadvantaged children is compelling. Annual rates of return of 7 10 percent per annum have been estimated higher than the return on stocks over the period 1945-2008. In an era of stringent federal budgets, Bartik offers a plan for raising the support needed to put effective programs into place." --James Heckman, Nobel Prize winning economist, University of Chicago"State and local economic development officials need new strategies, ones backed by fact and evidence. Tim Bartik provides exactly this in his powerfully researched book that documents the link between economic development and investing in young children in ways never done before. Now business leaders and development officials have a sober, fact-based framework for increasing personal incomes, local and state workforce competitiveness, and national fiscal strength. This is a framework for getting our country back on its feet and keeping it there." --Robert Dugger, founder and Managing Partner of Hanover Investment Group; Chairman of the Advisory Board, Partnership for America's Economic Success"This book combines a thorough review of the economics literature on local economic development with a particularly timely analysis of the effects of top-knotch pre-K schooling on the local economy. Bartik has often written about the value to local communities of economic development, though most of his work has been to analyze the value of alternative business arrangements. Here he describes how organizations for children's education can also have a long-running positive effect on local communities. The first part of the book will be of interest to anyone who needs to catch up on what is known about the economics of local area development. The second half considers the various effects of early childhood programs on local employment and economic development. Bartik is optimistic about the advantages of such action, but the (sometimes very) detailed footnotes alert the reader to alternative results. Recommended. General readers; students, upper-division undergraduate and up; researchers; professionals." --CHOICE Magazine"State and local economic development officials need new strategies, ones backed by fact and evidence. Tim Bartik provides exactly this in his powerfully researched book that documents the link between economic development and investing in young children in ways never done before. Now business leaders and development officials have a sober, fact-based framework for increasing personal incomes, local and state workforce competitiveness, and national fiscal strength. This is a framework for getting our country back on its feet and keeping it there." --Robert Dugger, founder and Managing Partner of Hanover Investment Group; Chairman of the Advisory Board, Partnership for America's Economic Success
Early childhood programs, if designed correctly, pay big economic dividends down the road because they increase the skills of their participants. And since many of those participants will remain in the same state or local area as adults, the local economy benefits: more persons with better skills attract business, which provides more and better jobs for the local economy.
. Read moreBartik measures ratios of local economic development benefits to costs for both early childhood education and business incentives. He shows that early childhood programs and the best-designed business incentives can provide local benefits that significantly exceed costs. Given this, states and municipalities would do well to adopt economic development strategies that balance high-quality business incentives with early childhood programs.
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