Economists play an important and growing role in early education policy, and now one of the nation’s leading economic minds is setting out to see if investing more in parents could offer higher returns in education.

With the backing of a wealthy hedge fund executive, University of Chicago economist John List is conducting a field experiment to determine “whether investing in teachers or, alternatively, in parents, leads to more gains in kids’ educational performance,” Bloomberg News reports. The study is designed to track 150 preschoolers and 450 other students long after they become adults, until “they die,” according to the story.

The Griffin experiment may show that the U.S. doesn’t spend enough on helping parents, List says. “We have too many eggs in the kid basket,” says List, himself a father of five. “We need to spend much more time and many more resources on helping parents.”

– “Chicago Economist’s ‘Crazy Idea’ Wins Ken Griffin’s Backing.” Bloomberg Markets Magazine, April.

The story is important on several levels. First, it tackles early learning public policy from a different angle, which can produce new insights.

As important, when a high-powered economist and a wealthy investor wade into education reform they can bring resources – the experiment is backed by $10 million from hedge fund executive William Griffin, Bloomberg reports – and support for important early learning ideas. But, they also can create distractions and support flawed public policies in an arena that is far different than managing investment portfolios and betting on financial markets.

The overall relationship between education reform and Wall Street is a delicate one that’s full of potential and challenges, which is why this new experiment is worth tracking.

(Thanks to the Birth to Five Policy Alliance for highlighting this news.)