Unlike physical capital, human capital has both embodied and disembodied dimensions. It can be perceived of as skill and acquired knowledge, but also as knowledge spillover effects between overlapping generations and across different skill groups within and across countries. We illustrate the...

Ongoing demographic change will lead to a relative scarcity of raw labor to the effect that output growth will be decreasing in the next decades, a secular stagnation. As physical capital will be relatively abundant, this decrease of output will be accompanied by reductions of asset returns. We...

The objective of this note is to highlight how social protection can help lay the human capital foundations needed for poverty reduction and economic growth in the East Asia and Pacific region while also building, protecting, and deploying the human capital needed to keep up with and take...