"Identifying Human Capital Externalities: Theory with Applications." Review of Economic Studies, 73(2):381-412. Cohen, Daniel, and Marcelo Soto. 2007. “Growth and human capital: good data, good results”, Journal of Economic Growth, Springer, 12(1), pp. 51-76, March  8  BIS Review 52/2007  de la Fuente, Ángel and Antonio Ciccone. 2002. "Human capital in a global and knowledge-based economy."
However, the underlying  BIS central bankers’ speeches  1  trends that are at the root of unsustainable fiscal deficits in many countries, including the U.S., have been in place and known for some time. In the U.S., for example, the major long-run drivers of the structural deficit at the federal level are entitlements such as health care and Social Security.