Alex O Awiti director of the East Africa Institute at Aga Khan University
Scottish economist Adam Smith described the complex relationship between man, knowledge and economic growth. According to Smith, education and training costs are a real expense, which is capital in a person, and the skills they possess constitute a fortune for both the individual and society.
For example, only 1.5 per cent and 1.9 per cent of World Bank concessional grants are spent on health and education, respectively.
In 2017, World Bank President Jim Yong Kim announced that the human capital would be included in the measurement of wealth of nations. In collaboration with the World Bank, the University of Washington’s Institute for Health Metrics and Evaluation has developed a measure of human capital that incorporates data on educational attainment, learning, functional health and survival between 1990 and 2016 for 195 countries.
Read more at the source: https://www.the-star.co.ke/news/2018/10/02/alex-awiti-funding-health-education-pays-off_c1827944
Image source: AKDN