People I (Mostly) Admire 87. How Much Are the Right Friends Worth?
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Sep 3, 2022 In this engaging discussion, Harvard economist Raj Chetty, a trailblazer in researching inequality and social mobility, dives into the crucial role of early education. He highlights how choosing the right teachers—and even friends—can shape long-term success. Chetty explores the decline of economic mobility in the U.S. and the importance of social connections for children from low-income families. The conversation also touches on ethical dilemmas in education and healthcare, emphasizing the need for equitable access and meaningful community support.
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Simple Methods, Big Questions
- Raj Chetty's research on teacher impact uses simple methods to answer hard questions.
- Access to large-scale, anonymized tax data enabled this research.
Fade Out Effect
- The Tennessee STAR experiment revealed initial positive impacts of smaller classes and better teachers faded over time.
- This led to skepticism about the long-term effects of early childhood interventions.
Long-Term Teacher Impact
- Despite the fade out effect, Raj Chetty found that good kindergarten teachers significantly impact students' adult earnings.
- A good teacher can add $320,000 in lifetime earnings to a classroom.