Cognitive abilities are important d

Cognitive abilities are important determinants of socio-economic success. But even cognitive ability is not well understood. For example, IQ and achievement tests are often confused.Socio-emotional skills, physical and mental health, perseverance, attention, motivation, and self-confidence are also important. A group of economists and psychologists have come together to study the economics and psychology of personality. Their research instructs us to distinguish between achievement tests and IQ tests. Problems with diabetes control and its onset are due in part to personality and motivation and lack of willpower. These capabilities contribute to performance in society at large.Ability gaps between the advantaged and disadvantaged open up early in the lives of children. Minoritywhite schooling gaps are not mainly due to income but to ability. In fact, effects of family income on college enrollment decisions are weak controlling for ability in the adolescent years. Tuition costs do not explain the majority/minority gap in schooling.