About three centuries ago, Adam Smith in his quest for the nature and causes of the “Wealth of Nations” devoted special emphasis to economic development supported by technical progress and physical capital, focusing on the education and development of human capital.
Considered more as a consumer activity than the producer, education in the 20th Century was of particular importance as an integral part of the wealth of the nations. After the Second World War, economic development as an internationalized problem was seen by economists and politicians as a matter closely related to the formation of capital in its physical sense.
But theoretical models, real observations and engagements, translated into interpretable numbers, suggested as the main cause of poverty the countries of human capital deficiency and its efficiency as the key to a fast and stable economic growth.
Prepared by Olsi Bakalli.