The world economy has undergone at least three waves of globalization; currently the fourth wave is on-going, sweeping away old certainties are being overturned. The Philippines, which has hitherto been reaping the growth dividend from the third wave of globalization owing to a functioning...

Using a human capital model with stochastic lifetimes, we assess the potential long-term impacts of human capital spending shocks in the early years of the COVID-19 pandemic on survival, lifetime income, and inequality. In the model, health and education spending separately affect survival rates...