"Employment Research" is published quarterly by the W.E. Upjohn Institute for Employment and Research. Issues appear in January, April, July, and October. This issue of "Employment Research" presents an article that summarizes the author's study of the effects of high-quality universal preschool education when it is treated as an economic development program. The study finds that each dollar that a state government invests in universal preschool education is estimated to increase the present value of earnings preschool education do more to boost the national economy than its investments in economic development subsidies. To estimate the economic development effects of universal preschool education and traditional economic development programs, the author conducted simulations based on the research literature. These included studies of the effects of high-quality preschool on individual participants, and effects of business subsidies on individual businesses; and studies of how increases in labor supply or labor demand affect aggregate labor market outcomes. Findings suggest that economic development goals can be achieved by initiatives that do not target business growth directly, but instead increase the quantity and quality of labor supply. (Contains 1 figure.) [This research was funded by the Upjohn Institute and by the Committee for Economic Development through a grant from the Pew Charitable Trusts--Advancing Quality Pre-Kindergarten for All initiative.]