ЛЮДСЬКИЙ КАПІТАЛ І ЙОГО РОЛЬ В ЧЕТВЕРТІЙ ПРОМИСЛОВІЙ РЕВОЛЮЦІЇ

Human capital: Genesis and evolution

Summary. The purpose of the article is to study the development of human capital and the growth of its role in modern society as a factor of employment. It is said that in modern world practice, the development of human capital is a condition for sustainable economic growth. Increased investment in human capital can enable future generations of Azerbaijan to make greater use of the opportunities created by the digital revolution. It is noted that the formation and development of human capital, along with the development of technologies to use its potential, is becoming a key factor in the development of the productive forces of society. A person, possessing a combination of various knowledges and abilities, is a factor of economic growth. At the same time, it is important to remember that without the innovative approach of human capital, digital economy is simply untenable. The following tasks are solved in accordance with the set goal: Clarification of the concept of ‘human capital’. Identification of the main characteristics of human capital. Identification of types of human capital and factors affecting it. Analysis of the situation of human capital in Azerbaijan, identification of risks and problems. Giving relevant recommendations for improving human capital in Azerbaijan. The object of research is human capital in the process of changing socio-economic relations in the information economy. The main results of the study are as follows: The concept of human capital is defined as an important component of economic growth in market conditions. The type, functions and principles of human capital development are substantiated. Attitudes towards the role of education, health, and social protection in the reproduction of human capital have been studied. The situation of human capital in Azerbaijan and the factors affecting it are shown. Suggestions and recommendations were made on the development of human capital in Azerbaijan.

The concept of human capital is very common in present-day construction industry with reference to its philosophy and techniques. Human capital (HC) is widely discussed in different fields; hence, its meanings differ from one field to another. This study provides a detailed discussion on the development of the human capital theory under various themes and sub-themes. The study further seeks to discuss the several effects of human capital development on industry success and competitiveness and how this contributes to economic growth in developing countries. Relevant literatures on HC theory and development were extracted from Scopus. Scopus is widely acknowledged as one of the widest interdisciplinary databases for engineering, technology, science and medicine. The Scopus database features over 20, 000+ peer-reviewed journals from over 5000 publishers. The Scopus database allows its users to perform more detailed searching opportunities compared to other databases such as Academic Search Complete, Art and Architecture Complete, Ebsco Host, SpringerLink and Web of science. The distillation of literature through thematic analysis revealed the various roles of human capital and its correlation with construction industry success and growth. Findings from this study revealed that the success of the construction industry is firmly related to the effectiveness of its human capital. The study revealed that the human capital theory is not without its criticisms and barriers. Practically, this study explores the various benefits of human capital to employers of the construction industry. The study suggests that human capital development plays a key part in retaining quality employees and recruiting prospects. Furthermore, investment in human capital goes a long way in improving employee satisfaction, organisational culture and increased productivity. This study contributes to the human capital discourse, which is the measure of economic value provided by employees with reference to their abilities, skills, values and knowledge.

Purpose: The development of the modern economy is impossible without reliance on human capital, the quality of which determines the opportunities and prospects for economic growth. In this regard, the development and testing of effective methods for assessing and forecasting the development of human capital in the regions becomes an urgent task. The objectives of the work are to develop and test a methodology for assessing the level of development of regional human capital in order to formulate on this basis recommendations for improving regional human capital development policies.Design/methodology/approach: The assessment of the level of human capital development is rather difficult because it is necessary to assess the qualitative condition of the subject of the study using quantitative indicators, which are contained in open sources. Obviously, it is important to consider separately the level of human capital development and the state of the infrastructure of social industries, which are responsible for creating conditions and opportunities for the development of human capital.Findings: The human capital of the region can be estimated by the level of health, education, culture and innovative activity of the population. Testing the author’s methodology for assessing the level of human capital development on the materials of the federal districts of the Russian Federation and the North Caucasus Federal District allows us to identify a risk zone - regions with pronounced negative trends. In the medium term, this can lead to an increase in the gap between the regions of Russia in terms of human capital development and a deterioration in the conditions for economic growth. To avoid this, regional human capital policies need to be adjusted in a timely manner.Originality/value: The author’s methodology for assessing the level of development of regional human capital and forecasting its development in the medium term has been developed. The methodology was tested on the statistical data of federal districts and regions of the North Caucasus Federal District.KeywordsHuman capitalRegional policyRegional economyJEL CodeR11

Human capital is a key driver of economic growth and productivity and it has been argued that the management of macroeconomic variables like broad money supply, inflation rate, unemployment rate, economic growth rate and interest rate are effective tools in achieving high human capital development. Therefore, this study examined the impact of selected macroeconomic variables on human capital development in Nigeria (1990–2022). The study made use of ex-post facto research time series data and dynamic ordinary least squares techniques to examine the impact of selected macroeconomic variables on human capital development in Nigeria. Broad money supply has a positive and significant impact on human capital development in Nigeria and this made broad money supply an important variable among the macroeconomic variables in improving the level of human capital development in Nigeria. On the other hand, unemployment, inflation rate and interest rate hinder human capital development in Nigeria, because the increase in these three macroeconomic variables hurt human capital development in Nigeria. However, the coefficient for economic growth rate suggests a potential positive impact on human capital development in Nigeria. Therefore, the study recommends that the government through the Central Bank of Nigeria should manage the volume of the broad money supply to maintain its positive impact on human capital development in Nigeria and in such a way to increase the investment in education and health services in Nigeria for human capital development in Nigeria. Finally, the government through the Central Bank of Nigeria, Federal Ministry of Labour and Productivity and Federal Ministry of Finance should manage the rate of unemployment, inflation, economic growth and interest rate to improve their impact on human capital development in Nigeria and ensure that they have a positive impact on human capital development in Nigeria.

The subject of the study is the human capital of an organization in the form of the competencies of its individual representatives. The purpose of the work is to determine the dependence of successful project management on the level of human capital development of the organization and its individual representatives. It is established that the successful work of an organization depends not only on its capital, but also on the development strategy and methods of its implementation. One of the main methods of implementing an organization's strategy is project management, for the qualitative implementation of which it is necessary to have employees with appropriate competencies. The article discusses the results of a study conducted by the national Association of project Management "SOVNET" to identify the most important key indicators for the elements of the competence "PEOPLE". It is established that the manager must demonstrate openness and responsibility in interacting with people on whom the magnitude of the human potential of the organization depends. According to the results of a survey of managers and employees of small and medium-sized businesses to determine the level of openness of communications in organizations and the quality and comfort of interaction of their employees, the relationship between them and the human capital of the organization was revealed. A trend has been established that shows the correlation of the inverse dependence of a weak level of responsibility and openness on the development of the organization's human capital. The dependence of openness and responsibility in matters of interaction with people on the level and quality of human capital development of the organization is traced. Conclusions are drawn about the correlating direct dependence of the growth of the level of responsibility and openness on the increase in the level of development of the human capital of the organization, as well as the need and possibility of improving the quality of project management due to the growth and development of the human capital of the organization.

The article explores the theoretical and methodological foundations of human capital as a factor in the development of the national economy in the context of globalization. The relationship between the problem of human capital and the economic development of the country has been determined. The paradigm of evolutionary development of human capital as a factor of economic growth of the country has been analyzed. The main indicators of measuring the level of human capital development of a country are presented. It has been revealed that human capital in Ukraine is characterized by a relatively low level of development compared to the developed countries of the world. The influence of the state's tax policy on stimulating the development of the country's human capital has been established. It is found out and justified that the current tax policy of Ukraine does not carry out a significant incentive for the development of human capital. The concept of reforming Ukraine's state tax policy in order to increase the level of human capital development in the country has been proposed.

Capital Formation by Education

. Human capital theory serves as the scientific basis for development of innovative economics. It is human capital that determines the maintenance of quality parameters of economic growth providing for efficient development of economics of modern states. The purpose of the authors is to justify theoretical and methodological expositions of human capital management in the innovative economics. The latter is regarded as an economic system based on the innovative activity of the business entities and individuals, on the permanent technological enhancement. Such an economic system is developing due to on-going generation of new knowledge. The authors present the results of their copyright study of genesis of system human capital paradigm of innovative economics as a research concept which implements and concretizes a holistic approach to revealing the patterns and causal relationships within the system of human capital of innovative development. The method of the study is based on using monographic method, statistical methods, charts, tables, graphs and other means to visualize the findings. As a result, the authors ascertain the shift in the economic science from classical understanding of how economic growth is impacted by education in innovative economics to considering economic growth as the main driver for development of education. The authors adduce the results of statistical analysis of interrelation between the volumes of technological innovation expenditures, the aggregate level of organizations’ innovative activity and the index of human development on the international level. By means of nonparametric methods the authors discover that the development of human capital, educational potential and the level of innovation development in the regions of Russia are moderately interrelated. The authors come to the conclusion that Russian economics is unique in comparison with other countries due to the combination of the high level of human capital development and low pace of economic and innovative development. As a result, they have found out that, considered as part of human capital management providing for innovative development, investments in education can be more efficient only if science, education and business integrate to train their employees within the context of the new paradigm of interrelation between human capital and economic growth in innovative economics in which investment in innovation and technology is regarded as the main driver of development of education.

The author identifies the level of human capital development in Serbia, then he analyses the limitations of human capital development, and finally he proposes measures and activities needed for the improvement of human capital. The aim is to pave the way for human capital development in Serbia. Research uses the inductive and deductive methods, analysis and synthesis, statistical and comparative method. Human capital is viewed through four key components: education, health, work and socioeconomic environment. The level of human capital development in Serbia was identified through the prism of Human Capital Index from Human Capital Report of the World Economic Forum. Human capital development is observed in the context of economic growth speed. The conclusion of the paper is that human capital in Serbia is at a low level and that its improvement requires reform of education and health, employment growth, labour market reform and good socioeconomic environment.

With growing globalisation, competition in the market, and oversaturation of human resources, human capital is gaining more importance. Global North countries and emerging nations prioritise the development of human capital to accelerate economic growth through the necessary allocation of time and resources. The development of human capital is one of the key strategies for leading the global market. The idea of human capital was traced in the 18th century by Adam Smith and he suggested that improving human capital through training and education leads to more profitable enterprises. The concept of human capital (HC) was coined by Theodore Schultz, who defined human capital as “skills, knowledge, and similar attributes that affect particular human capabilities to do productive work." HC directly impacts on productivity, innovation, and overall competitiveness. The efficient management of HC has become a key determinant of a company's ability to adapt, grow, and maintain a sustainable competitive advantage in the dynamic business environment. So far, firms need to invest in the development of human capital. Investments made in the improvement of skills, knowledge, and education of human resources can enhance firm performance. In this context, many studies have taken place. The current study reviews the literature available from India and outside India on the same perception. Through examining the current literature, researchers can find further scope for research in the area and enhance our understanding of the concept. KEYWORDS: Human capital investment, skill, knowledge, firm performance, global review, further scope

Purpose. The aim of the article is to clarify the various approaches to the interpretation of the essence and significance of human capital for the development of a modern theoretical basis for human capital development in the economy. Methodology of research. The theoretical and methodological bases of the study are the fundamental provisions of modern economic theory, research of domestic and foreign scientists. Systemic, process, historical and logical approaches were used to achieve the goal and defined tasks. General scientific methods were used in the process of research: comparison – in determining the differences in the interpretation of the essence of human capital by different scientists; analysis – in determining the quantitative and qualitative parameters of human capital; synthesis – in determining the components of the structure of human capital, which are the objects of management and measurement and the system of indicators, which are the objects of management of its structure; induction and deduction – in determining approaches to the essence of human capital and aspecting the components of the structure of human capital. Also special methods of economic research were used: grouping – in determining aspects of the components of the structure of human capital and their effectiveness, indicators of human capital; tabular and graphic – when systematizing the components of the structure and indicators of human capital, aspectization of human capital; analysis at the macroeconomic level - in determining trends in the concept of human capital. Findings. As a result of studying of human capital it is established that: human capital is the ability to bring benefits (correlated with the concept of "labour"); human capital is a stock (correlated with the concept of "asset" which is temporarily not used); human capital is a resource (correlated with the concept of "asset" which is used); human capital is a potential (correlated with the concept of "asset" which can be used to a limited extent based on the used set of potential capacity or sources of potential capacity); human capital is a source of income (correlated with the amount of income); human capital is a special form of capital (acts in the form of interaction of needs and abilities of the subject); human capital is a form of realization of economic relations. Originality. Theoretical provisions on the essence of human capital as an economic category were clarified, in which human capital is the carrier of systemic relations of the reproductive process of society Namely, system-component approach in the interpretation of the "human capital" term was substantiated, which, in contrast to the existing approach, defines the composition and aspects of component structure of human capital, which reveals the internal organization of human capital and the relationship of its constituent components, i.e. those that were obtained biologically, those that were obtained in society, those that formed the carrier of human capital as the main element of the productive forces. Practical value. The practical significance lies in increased scientific reasoning of theoretical provisions and practical measures to ensure the mechanism of state regulation of the reproduction of human capital in accordance with the transformational changes in social relations and market conditions, as well as globalization processes. The author's proposals can be used by the Ministry of Labour and Social Policy, in developing strategies and concepts of social development of countries, or by the Ministry of Economics, in developing economic and social development projects of Ukraine, educational process of higher education institutions of Ukraine. Key words: capital, human capital, human potential, theory of human capital, concept of human capital, system approach, structural and functional approach, management approach, components of human capital structure, aspectization.

A Development of Human Capital in the Context of an Aging Population

A key factor in China's economic success over the past 70 years has been the rapid and qualitative growth of human capital. The article examines the concept of human capital, the related elements of ancient Chinese culture, and explains the historical reasons why the Chinese Communist Party (CCP) has paid special attention to education and human capital. The findings show that the PRC's great achievements in human capital development and economic growth are due, on the one hand, to the CCP's emphasis on education, especially during the period of reform and opening up, and on the other hand, to the long-term influence of Chinese ancient Confucianism philosophy. In the past, academia attempted to explain the brief decline in the mid-nineteenth and first half of the twentieth centuries by the negative influence of Chinese traditional culture, while ignoring its role in providing high potential human capital, which in turn contributed to long-term economic growth. The ideas of China's leaders echo the theory of human capital put forward by European scholars. China is placing increasing emphasis on the economic function of education. The education sector is now seen as an important sector for raising scientific and cultural standards. Xi Jinping, the current leader of China, also attaches great importance to the inheritance and development of Confucian educational thought. In his speeches he repeatedly calls on young people to strengthen moral education and self-education. The priority of education is stressed, as well as the separate importance of the educational function of higher education. At a time when science and technology are developing rapidly without any constraints, they reduce the role of the human factor in the development of civilization to a certain extent. In this context, it may be appropriate to consider the value of the human being and the importance of education in the context of traditional oriental culture. Confucianism not only played a key role in the educational and economic development of Chinese society, but also had a wide impact on the countries of Southeast Asia.

The article describes the methods of development of human capital of students and studies of its effectiveness in the educational environment. The concepts of human capital, the educational environment are considered. The role of the educational environment as a form of development of the student's human capital is studied. The conditions for organizing and conducting events for students with the aim of the effective development of human capital are described.