Abstract
Benefit-cost analysis is applied to the Perry Preschool Program and its long-term follow-up in order to examine preschool education as a social investment. Economic values are estimated for program cost, child care provided, later education cost reductions, increased higher education cost, delinquency and crime cost reductions, earnings increases, and welfare cost reductions. The net present value of benefits and costs is positive, indicating that the program was a profitable social investment. Analysis of the distribution of effects revealed that taxpayers obtained most of the economic benefits and that their benefits exceeded costs. Generalizability of the findings and their implications for public policy are examined.
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