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ge of the economy. Advanced economies and U.S might be hit hard largely due to the financial sector issues especially in the housing sector. Western Europe and advanced Asia might be affected both through trade and financial problems. Emerging economies might be impacted mainly through trade channels. In summary the blow in terms of growth rates would largely depend on the share of the particular sector being affected in overall GDP of that economy.

In the same way the human capital would be affected depending on the share of the overall labor force that particular problem sector of the economy employs. An explanatory example could be that if the economy has employed its major human capital in export sector, the unemployment will increase coupled with a decrease in the GDP growth rates, provided the export sector is the hard hit sector. Private sector credit worldwide has declined which has both the bad impact on the employment as particularly the consumer credit sector is labour intensive. The problem can also be viewed from the perspective that the recession would lead to decline in overall economic activity, low incomes in turn would affect aggregate demand, which in turn would affect the production and as a result low employment. This would continue depending on the corrective measures taken. Low standards of living of the people and lower spending in R & D sectors by the governments as well as by the entrepreneurs due to lower incomes would further lower the quality of the human capital. All these in turn will put down-ward pressure on the economic growth.

Concluding Remarks:
Human capital and growth is an important topic and economists have tried to cover its various aspects extensively. During the process, in addition to others, data and modelling issues have frequently been identified and suggestions for improvement thereof, based on research have come forth from different economists. Data problems often tend to render the results ineffective and non-representative of the intuitive theory. In order to overcome the noise in the data, new series have been developed by economists by applying various techniques to do the job effectively. In the same way, a number of models have been presented over the period, problems have been identified in them and solutions either in the form of slight changes in the existing models or new models have been suggested. R & D and spillover effects of human capital have recently gained importance and numerous theories have been given explaining and exploring its transmission mechanism and impact. Great recession can potentially impact the human capital and growth mainly through financial and trade channels. To give an ending comment, the discussion reveals that there is a need to explore further, and especially carry out some in-depth and detailed studies in the area being discussed in section 5 of the essay.
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