Investments in human capital should be at the heart of Europe’s Covid-19 recovery strategy

When the state spends money on roads and railways, we call it ‘investment’. When the state spends on nurseries, school meals, or health care, we call it social, educational, and health expenditure. Yet as Jakub Sawulski and Wojtek Paczos argue, the latter form of spending may yield a higher rate of return in the long-term.