Greenville Magazine - April 2008 - (Page 18) Looking for Big Returns? ly d i A di s h m A n p h o t o b y pAt rAW l i n s by Think Small E conomic development. Two words that get a lot of press and even more talk. The phrase has become synonymous with growth, progress and opportunity. But when you hear the words “economic development,” what images come to mind? New office buildings? Or perhaps new neighborhoods, malls, sports stadiums and the jobs that come with them. How about innovation, technology and increased productivity? What’s wrong with that picture? Some economists tell us that with the focus on growth and productivity, we’re missing something fundamental. And we’re missing it big. It’s the opportunity lost for all of us when a young child grows up in the emptiness of poverty and fails to succeed in our education system and in life. It’s a simple equation. One that combines brain science and economics to calculate success. Children in poverty often grow up in conditions that hinder normal brain development in its earliest years. They receive less stimulation, fewer opportunities to learn and can experience traumas that interfere with the way their neurons connect to one another. For many, these factors add up to poor school performance and a permanent spot under the poverty line. When this happens, our economy takes a hit. Instead of drawing an economic benefit from their contributions as healthy, employed taxpayers, we spend vast amounts of money attempting to assist them – through welfare, healthcare, housing, criminal justice and social programs.We also lose their intellectual and skilled contributions to our companies – the engines of our economy. Bob Geolas, executive director of Clemson UniversityInternational Center for Automotive Research (CU-ICAR) says that we as a community can’t ignore the facts any longer. “Quality early childhood development has passed roads and sewer as critical economic development infrastructure. If you expect to recruit cutting-edge companies with technology-rich employees, a community better be prepared with a wide array of options,” he says. april 2008 So what’s to be done? According to the economists – most notably James Heckman, a Nobel Laureate in economics from the University of Chicago, and Art Rolnick, a senior vice president of research for the Federal Reserve, and a member of the Fed’s Open Market Committee – when children in poverty receive quality developmental help throughout their first six years, their chances for success increase dramatically. They are less likely to drop out of school and subsequently hold better jobs as adults. Heckman and Rolnick predict a $3 return to 18 Greenville MaGazine |
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