The Importance of Human Capital (News and Research 322)

The COVID-19 pandemic brought multiple and serious economic, financial, political, and social problems | Jorge O. Moreno: La tragedia del capital humano y la crisis que viene | Jorge O. Moreno: The tragedy of human capital and the coming crisis | Hidden among the news that occupied the main headlines of the national headlines, behind other problems at the national level, far beyond the politicking and strong ideological division that prevails in the environment, lies a true tragedy that unfortunately has not received even the attention or follow-up it deserves. I am referring to the enormous loss of human capital in the world, and particularly in the country, and the lack of policies and actions to seek to begin to remedy it.

What Causes Learning Loss Due to Distance Learning?  (Indonesian)

Closing schools has become common policy in the battle against Covid-19. Education is then carried out simultaneously online to avoid face-to-face (offline) education patterns. In fact, the dependence of the Indonesian people on education in schools has an impact on students’ learning abilities so that learning loss can occur. According to Donnelly & Patrinos, 2021; Engzell et al., 2021, learning loss is a decrease in student knowledge and skills academically as a result of learning at home which lasts for quite a long time. The suspension of face-to-face learning at this school has raised concerns about the decline in the quality of students’ cognitive knowledge, vocational skills, and social skills. Starting from the delivery of material that is not free, difficulties in asking questions or consulting with teachers, and disruption to the smoothness of the internet. In addition, online learning by teachers has not found the right format in many schools so that its effectiveness is often questioned.

Human Capital is Albania’s Most Important Asset: Interview with Emanuel Salinas | Albania’s human capital is the most important asset that the country has. Any loss of human capital takes a toll on the overall development trajectory of the country. And indeed, it has been well documented that shortages of qualified labor are already undermining the potential of companies based in Albania to grow.

Helping families cope with price shocks—without subsidies | Amid ongoing food and fuel crises worldwide, general subsidies are making a big comeback as a way of delivering social protection to the population. In fact, according to a World Bank tracker, the number of social protection measures introduced in response to rising inflation almost tripled globally between April and September 2022. More than a third of these were subsidies, including for fuel, food, fertilizers, and fees (such as for electricity, water and heating services).

Designing effective public-private partnerships in education | To be effective, public-private partnerships (PPPs) in education, need to be innovative, hold schools accountable, empower parents and students, and promote diverse educational institutions. A clear legal and regulatory framework is crucial to achieving a sustainable solution. Best practice would include rigorous impact evaluation to find out what works, how and for whom.

Covered in The New Nation: PPP in education needs to be effective (Bangladesh)


The Europe and Central Asia Chief Economist office invites you to a talk on:

Education and Innovation

January 18, 2023, 10:00 – 11:30 AM EDT

MC 4-800 & Webex

Chair:  Ivailo Izvorski, Chief Economist, Europe and Central Asia, World Bank

Speaker: Ufuk Akcigit, the Arnold C. Harberger Professor of Economics and Director of Graduate Studies at the University of Chicago

Discussant: Harry Anthony Patrinos, Adviser, Office of the Chief Economist for Europe and Central Asia, World Bank

How do innovation and education policy affect individual career choice and aggregate productivity? This talk will discuss the various layers that connect R&D subsidies and higher education policy to productivity growth. We put the development of scarce talent and career choice at the center of a new endogenous growth framework with individual-level heterogeneity in talent, frictions, and preferences. Education and innovation policies not only alleviate different frictions, but also impact innovation at different time horizons.


Ufuk Akcigit is the Arnold C. Harberger Professor of Economics and Director of Graduate Studies at the University of Chicago. His research is focused on Macroeconomics, Economic Growth, Firm Dynamics, Innovation, and Entrepreneurship. He has been teaching at the University of Chicago since 2015, following an appointment at the University of Pennsylvania, and receiving his Ph.D. in Economics from MIT in 2009. A list of his publications and other related information can be viewed at Read more


Harry Anthony Patrinos is Adviser, Office of the Chief Economist for Europe and Central Asia. He specializes in the economics of education, school-based management, demand-side financing and public-private partnerships. He has managed education teams in Europe and Central Asia, East Asia and the Pacific, Middle East and North Africa, and the Global Unit. He led lending operations and analytical work programs in Latin America. He has more than 60 journal articles published. He received a doctorate from the University of Sussex. Read more

Disclaimer: The views expressed by panelists are their own and do not represent the position of the World Bank.


Questions about this event can be directed to Suzette Dahlia Samms-Lindsay See the ECA Talks to learn more about our events.


ECA Talks are chaired by Ivailo Izvorski, Chief Economist for Europe and Central Asia, and hosted by the Europe and Central Asia Region. These events facilitate a dialogue on issues of policy interest for the region. Visit the ECA Chief Economist homepage for more information and details.