This paper examines the role of economic appraisal of education and training systems under the light of the current economic and financial crisis and of the relevant "exit policy" strategies. On the basis of the literature on the Post World War II "economic miracles", the paper confirms that a careful evaluation of education and training systems can be a powerful tool to transit to the "post crisis" situation and to set a growth path. However, evaluation of human capital preparation through education and training cannot be disjoined from evaluation of human capital utilization- viz. of labor and retirement policies. The current practice is to follow different methodologies, techniques and procedures for evaluating human capital preparation, on the one hand, and human capital utilization, on the other. The paper outlines two possible strategies to define a unified evaluation methodology with pertinent techniques and procedures.
Keywords: Evaluation, appraisal, education, training, real options, probability analysis, labor market, pension systems