For 25 years, I have analyzed and made forecasts about Maine's economic condition.

Over those years, I've grown to appreciate the critical importance of investment. I've grown to understand that some investments are so fundamental to our future growth and prosperity that they must be given the highest priority.

Among those investments is the one we make in our children early in their lives. That's an investment that gives them the opportunity to succeed as adults.

The Maine Economic Growth Council, created to chart an economic course for the state, promotes the vision of "a high quality of life for all Maine people."

We may not agree on what defines "high quality of life," but we can all agree that it does not include 24 percent of our children living in poverty. Beginning life in poverty makes it more difficult for a child to grow, develop and prosper as an adult. This in turn affects our state's economic health.

Income is one of the best overall indicators of economic health. As of 2007, Maine's per capita income ranked 35th, lagging the nation by 12 percentage points. In recent years, incomes have grown little in Maine while other costs have grown considerably.

We now know that a trained and educated workforce has a higher earning potential and is essential for the new growth industries the Maine economy needs. If we are to raise incomes, we must bring all Maine workers to their highest potential by raising their educational attainment levels.

One of the best long-term strategies for that kind of workforce investment is to start at the beginning. We must invest in our youngest children so that they are prepared for what lies ahead.

The neurological argument for this investment is persuasive.

Renowned Harvard researcher Dr. Jack Shonkoff recently made a compelling presentation about early childhood development to an audience of Maine businesspeople and policymakers. He reminded everyone that 90 percent of brain development happens before the age of 5. Once this development is complete, it is extremely difficult to undo what is done. So these are the foundational years that set the stage for the success or failure of our children.

The brains of young children who live in healthy social and economic environments and who are intellectually stimulated develop better than the brains of children who suffer neglect, live in instability and are exposed to negative stresses. These children don't build a sturdy foundation and will have a difficult time advancing through the educational system and attaining the advanced training essential to the economic well-being of them and the economy.

The economic argument for this investment is just as persuasive.

Long-term studies show a potential return on investment ranging from $4 to $16 for every $1 invested in a child during the earliest years. That payoff comes in three ways: avoided crime costs, avoided public assistance and education costs and increased earnings over the lifetime of the individual.

These findings are encouraging when considering society's limited resources. Increased investment before kindergarten provides for much needed cost savings in K-12 and in public assistance programs, two areas that Maine and the nation are struggling to fund.

Government cannot fund this alone. Business has a critical role to play and a vested interest in the outcome. In other states, public dollars have induced business and philanthropic dollars.

North Carolina attracted nearly $20 million of investment in early childhood development from the likes of AT&T, Duke Energy, Food Lion and IBM. South Carolina and Virginia have had similar success engaging Capital One, Bank of America, Springs Industries and VA Natural Gas. Efforts in the state of Washington have benefited from the fortunes of Microsoft and the charity of the Bill and Melinda Gates Foundation.

The same needs to happen in Maine. Maine businesses should also play a significant leadership role by delivering the message of how critical this investment is to a prosperous future for Maine.

If we are to achieve our vision of "a high quality of life for all Maine people," we must make investing in early childhood one of our highest priorities. It is no longer simply a moral or social investment -- it is an economic imperative.

Laurie Lachance is CEO and president of the Maine Development Foundation and the former state economist of Maine.