The article compares the economic returns of investing in people and public projects in Portugal from 1960 to 2001. By analyzing the impact of human and public capital on economic growth, the researchers found that human capital yields similar returns to private investment when not considering dynamic feedbacks. However, when dynamic feedbacks are taken into account, private capital responds positively to public capital shocks but negatively to human capital shocks. As a result, the return on human capital is much lower than on public capital in the long run.