Brain Drain Losses – A Case Study of Serbia.

The focus of this paper is on an attempt to quantify economic losses due to ongoing and vast brain drain emigration from Serbia. We claim that socio‐economic losses in terms of implicit and explicit costs related to upbringing and education of emigrants as well as lost production are paramount. Therefore, the main argument is in line with pessimistic stances on migration and its effect on Serbian development. Massive emigration, especially of educated individuals, results in a great number of incalculable deficits for the country, which cannot be expressed and measured in monetary terms only. The authors argue that these are even more striking when viewed from a holistic perspective factoring in demographic, social, political, cultural and intellectual impacts. It is also shown how emigration of the highly educated greatly undermines local democracy and social cohesion in Serbia. Nevertheless, the authors also take note of contemporary transnational perspectives on migration and development and present possible policies aimed at exploiting advantages of human capital and social networks of migrants and diaspora, circular mobility and returns. [ABSTRACT FROM AUTHOR]