Market-Based Societies : The Role of Human Capital and Legal Systems on Economic Prosperity in America and Europe

Dr. Francesco Lovecchio

Financial Attaché at the Italian Embassy in Washington, DC

Abstract

The role of human capital in economic development is something new in the domain of economics. While economists and laymen agree on the importance of education and lifelong skills for the prosperity of an economy, a large disagreement persists on what is the real meaning of human capital and on the best policies to develop human capital. On top of that, politics and ideologies play an important role in fostering this diatribe. The first topic of discussion will hinge on the theory and implementation of policies aimed at boosting a long-term and sustainable economic growth.Being American or European matters.

The second topic, apparently not related to the first, is the role of law and legal systems both in Europe and US. Living and doing business in Europe or in USA matters, again.

Cultural, history and social factors are determinants in understanding two of the most important inputs in economic growth.

Bio

Francesco Lovecchio is the Financial Attaché at the Italian Embassy in Washington, DC since Feb. 2001 and senior economist at the Italian CentralBank (Banca d'Italia). He joined the Central Bank in 1997 and, before thecurrent assignment, was posted at the Representative office of the Italian Central Bank in New York in 1999-2000. Before joining Banca d'Italia he worked at the Italian Ministry of Finance. He earned a B.A. in Economics from University of Bari, an M.Sc. in Economics from University of York in UK and a PhD in Economics from University of Pavia, Italy. He is a CPA in Italy since 1992. He was adjunct professor in Monetary Economics at the University of Eastern Piedmont, Italy and in Political Economy at the University of Basilicata, Italy. His research interests include: economics and history of international and domestic banking, monetary economics, public finance, and law and economics. He is married with a daughter.