According to Jeff Lacker, President of the Federal Reserve Bank of Richmond, a “consensus has developed amongst economists  that human capital is more than just the number of years spent in school or on the job. Research suggests that noncognitive skills — such as following instructions, patience, and work ethic — lay the foundation for mastering more complex cognitive skills and may be just as important a determinant of future labor market success. These basic emotional and social skills are learned very early in life, and it can be difficult for children who fall behind to catch up: Gaps in skills that are important for adult outcomes are observable by age 5 and tend to persist into adulthood.” Click here for article.