James Heckman

James Heckman is Henry Schultz Distinguished Service Professor in Economics at the University of Chicago and a 2000 Nobel Laureate in Economic Sciences (shared with Daniel McFadden). He is best known for developing the Heckman correction (Heckman selection model) — a statistical technique that corrects for sample selection bias in econometric models, particularly in labor economics where studying wage effects requires accounting for who chooses to work. This methodological contribution is used across economics, epidemiology, sociology, and other social sciences. Heckman's more recent and equally influential work demonstrates through rigorous cost-benefit analysis that high-quality early childhood programs (such as the Perry Preschool Project and Abecedarian Program) generate returns of 7-13% per year through improved educational outcomes, reduced crime, better health, and higher adult earnings — making them among the most efficient social investments available. His research has influenced early childhood education policy in numerous countries and among international development agencies.