The FDA and ABCs: Unintended consequences of antidepressant warnings on human capital

Using annual cross- sectional data on over 100,000 adolescents aged 12-17, we studied academic and behavioral outcomes among those who were and were not likely affected by FDA warnings regarding the safety of antidepressants. Compared to other adolescents, adolescents with probable depression experienced a relative decline in grade point average of 0.14 points following the FDA warnings. The FDA warnings also coincided with increased delinquency, use of tobacco, and use of illicit drugs. Together, our results stress the importance of mental health and its treatment as an input into cognitive and noncognitive aspects of human capital.