Heckman: Investment in Early Childhood Programs Yields Robust Returns

High-quality early childhood development programs can deliver an annual return of 13 percent per child - "comparable to returns on a savings account or the stock market" - according to new research by Nobel laureate James Heckman and scholars at the University of Chicago and the University of Southern California. The findings were released December 12 in a working paper titled “The Lifecycle Benefits of an Influential Early Childhood Program,” which shows that these programs can reduce taxpayer costs, improve economic outcomes for parents, and provide lifelong benefits for children. Read full story »

Michael Greenstone to Lead Becker Friedman Institute

Prof. Michael Greenstone, the Milton Friedman Professor in Economics and the College, has been named the new director of the Becker Friedman Institute for Research in Economics. University of Chicago Provost Daniel Diermeier praised Greenstone as "an exceptional scholar who also has a deep understanding of public policy. As director, he will further enhance the development and impact of the creative thinking and rigorous research for which the Institute has become known." John List, Chairman of the Department of Economics, calls Greenstone "a prominent voice in the field who will build importantly on the innovative insights and groundwork laid by Lars Hansen and Kevin Murphy.” Greenstone, whose appointment takes effect July 1, 2017, also will continue in his role as director of EPIC, which will function as an integral part of the Becker Friedman Institute. Read full story »

UChicago's New Startup Investment Program to Allocate $25 Million for Startups with Roots on Campus

The University of Chicago is designating $25 million from its endowment to invest alongside established venture funds in startups led by faculty, students, staff and alumni, expanding a commitment to grow entrepreneurship and research commercialization on campus. “In addition to fostering innovation, we hope the UChicago Startup Investment Program will encourage our partner venture capitalists to take a deeper look in the Midwest and Chicago specifically,” said Mark Schmid, University vice president and chief investment officer. “We want to invest in companies that grow and create economic opportunities here and participate in the resulting benefits.” The University anticipates investing in three or four new companies a year through the initiative, which is set to run for a decade. Read full story »

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