Факторы развития человеческого капитала: межстрановый сравнительный анализ

This paper utilizes country-specific time series data over the period 1990-2017 and Autoregressive Distributive Lag (ARDL) model to estimate the relationship between and human capital development in Nigeria. The specific objectives focused on the impacts of official development assistance (ODA), broad-based grants and technical cooperation grants on public investments in education and healthcare. The Phillips-Perron unit root test results reveal that the variables are mixed integrated with evidence of levels and first difference stationarity. The mixed order of the integration in the series necessitated the application of ARDL bounds test for cointegration and the results indicate that the variables in each of the models have long run relationship. Findings from the estimated ARDL models reveal that lagged values ODA exert significant positive impact on public investment in education in the short run. Both the first and third lag of broad-based grant has significant negative relationship with public investment in education in the short run. The long run result revealed that ODA and technical cooperation grants have significant positive relationship with public investment in education. 1 percent increase in ODA and technical cooperation grants increases public investment in education by 4.289 percent and 0.829 percent respectively. It was further observed that the contemporaneous value of ODA has positive relationship with public healthcare investment in the short run. 1 percent increase in ODA inflow increases public healthcare investment by 1.099 percent. Additionally, there is more than proportionate increase in public investment in healthcare to the tune of 3.179 percent following 1 percent increase in ODA in the long run. Therefore, it is recommended among others that policy makers and donor countries/agencies should prioritize the education sector in the disbursement of foreign aid with a view to achieving the fourth Sustainable Development Goal (SDG) which is to ensure inclusive and quality education for all and promote lifelong learning. Keywords: Human development, education, healthcare, ODA, grants, ARDL and Nigeria. DOI : 10.7176/JESD/10-7-05 Publication date : April 30 th 2019

The paper considers the structure of investments in human capital development: investments in education, health care, culture and social mobility of the population. The author defines the key investors of human capital: the households, the businesspeople, and the state; specifies and describes the role of each of them at different stages of human life. It is proved that the state becomes the single key investor in social development due to the deferred in time benefit from investments in human capital and the low income of population in the conditions of the Russian Federation. The author carried out the analysis of the human capital role in the social and economic development of regions of Russia, which showed that the maximum benefit from investments in human development could be observed in the regions of Central, Volga and Southern federal districts. It is proved that the outcome of investments in human capital is higher for a household than for regional economy. This fact serves as the explanation of the employer’s unwillingness to invest in the development of the employees. The author carried out the correlation factors calculation that showed the closed relationship between the employee’s social sphere expenses, reached labor productivity, and income. The study proved that despite the volumes of the investments in the social sphere, the benefit from investments depends considerably on the efficiency of human capital use. The represented statistical data confirm visually the validity of Okun’s law investigating public losses from unemployment. The author determined the smallest per capita index of gross regional product in the regions with high level of unemployment: North Caucasian, Southern and Siberian federal districts. It is proved that the task of the state is not only in the ensuring of investments in human capital development but in the creation of conditions for professional and personal self-realization of a person in the selected sphere of activity as well.

In recent years, the link between public sector investment in human capital and sustainable development has gained increasing attention. However, despite various policy interventions, Nigeria continues to grapple with persistent challenges associated with human capital development, particularly in education and healthcare. These deficiencies hindered progress in achieving sustainable development and have motivated the investigation into the direction of causality and the impact of public sector investment in human capital on sustainable development in Nigeria from 1980 to 2021. The Granger causality test and Augmented Autoregressive Distributed Lag (ARDL) estimation techniques were used. The findings revealed that government investment in health and education positively influenced sustainable development. The results indicated a unidirectional causality from sustainable development to educational expenditure and a bidirectional causality between sustainable development and government expenditure on health. Based on these findings, the study recommended that the Nigerian government prioritize sustained investment in education and healthcare services to promote sustainable development.

<p>Methodologically this research is based on the approach of many social scientists who argue that there is a bidirectional link: one runs from human capital development to economic growth and overall human development, when human capital helps increase national income and society development; the other runs from economic growth to human capital development, as the resources from national income are allocated to activities contributing to human capital development. The study aims to empirically verify the existence of this interaction by carrying out a correlation analysis of the human capital development level among 120 countries, assessed by the Human Capital Index, and the world's national economic development level, as demonstrated by the Global Competitiveness Index, as well as the level of development of the world's nations (societies) as demonstrated by the Human Development Index.</p>The result of the analysis empirically demonstrated a strong link between the human capital development with the country's economic (r = +0.944, p = 0.000) and national development (r = +0.882, p = 0.000) in total by all countries. Nevertheless, carrying out the correlation analysis by groups of countries, which are divided according to the calculation methodology of the Global Competitiveness Index, depending on their stage of economic development, the relationship between human capital development and nation’s development is becoming weaker in some groups of countries, with the remaining strong correlation between the development of human capital and the economic development of a state in all groups of countries. This means that only highly developed human capital can contribute to the country's economic development, and vice versa, national economic performance increases human capital development in the framework of effective development policy. On the other hand, not always a close interaction between nation’s development and human capital development can be faced, since a highly developed human capital means the quality of the developed human capital

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 conceptual, theoretical, methodological and applied provisions of state regulation of development and reproduction of human capital for the national economic system management. Methodology. General scientific methods were used in the research process. The method of comparison was used for generalizing the approaches of different researchers on the main dominants of development and reproduction of human capital. Analysis was used to determine the quantitative and qualitative parameters of the dominants of human capital. Syn-thesis was used to determine the methodological principles of labour market regula-tion and human capital development. Induction and deduction were used for deter-mining approaches to the main dominants of human capital. The aim of the article is to generalize various approaches to the main dominants of development and reproduction of human capital on different bases and purposes, to develop a modern theoretical basis for the development of human capital in the country’s economy. The results of the study have shown that to ensure the effectiveness of state regulation of the development and reproduction of human capital, it is necessary to create an appropriate social environment and conditions that promote the fullest use of knowledge and intellectual, creative potential of individuals. Conclusion. The composition of the bases and goals of the dominants of development and reproduction of human capital in Ukraine, in contrast to the existing one, should include labour market regulation policy, national model of combating unemployment, working capacity, cost of human capital and human development index. This will ensure investment, development and human capital management in Ukraine. Analysis of the methodological principles of labor market regulation and human capital development of the European Union and Ukraine, and problems of human capital development in Ukraine allowed us to conclude that they differ significantly. Their difference is explained by different levels of economic and social situation of countries and other factors, in particular the low speed of dissemination and implementation of progressive results of investment in education and science. The practical significance lies in increasing the scientific substantiation of theoretical provisions and practical measures to ensure the mechanism of state regulation of development and reproduction of human capital is in accordance with transformational changes in social relations and market conditions, processes of globalization.

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.

This study investigates the impact of human capital development on poverty reduction and economic growth in Nigeria. Utilizing a time series analysis from 1990 to 2023, the study aims to understand the relationship between key human capital indicators education, healthcare, and social welfare and their influence on poverty alleviation and economic growth. The analysis incorporates data from various sources, including the World Bank and Nigeria's National Bureau of Statistics, to evaluate the trends and effectiveness of human capital investments over three decades. Autoregressive distributive Lag model (ARDL) was used as a method of analysis. The findings reveal a significant positive correlation between human capital development and economic growth, indicating that increased investment in education and healthcare leads to higher economic output. Moreover, the study identifies a strong inverse relationship between human capital development and poverty rates, suggesting that improvements in education and healthcare access substantially reduce poverty levels. Specifically, periods with higher government spending on education and healthcare correspond to noticeable declines in poverty and enhancements in GDP growth. However, the study also highlights persistent challenges, such as regional disparities, insufficient funding, and policy implementation gaps, which hinder the full realization of human capital development benefits. These issues underscore the need for a more coordinated and integrated policy approach to align economic growth strategies with human capital development goals. Based on these findings, the study recommends several policy actions: increased investment in education and healthcare, targeted social programs for poverty alleviation, and enhanced policy coordination, promotion of inclusive economic growth, inflation control measures, strengthening of social protection systems, and improved data collection and research efforts. Implementing these recommendations could significantly boost Nigeria's human capital development, reduce poverty, and foster sustainable economic growth.

The purpose of this article is to substantiate the nature of the relationship between the development of human capital (HC) and the development of the economy of Ukraine. Using the Granger test and cognitive modeling, the features of the development of HC in modern conditions and its influence on the country's economic development have been determined, and the dominant factors influencing the development and quality of HC have been empirically substantiated. The ambiguous nature of the influence of HC on the country's economy due to the inefficiency of spending in the field of education and health care has been established using the impulse modeling method. The positive impact of the development of HC on the development of the economy is leveled with the growth of investment in education and health care, which is due to the low efficiency of expenditures and the insufficient level of competence of state bodies.

The study investigated the determinants of foreign direct investment (FDI) and whether the interaction between human capital and financial development enhances FDI into the emerging markets. The dynamic generalised methods of moments (GMM) framework was employed with panel data from 1994 to 2014. Gross domestic product (GDP) per capita, savings, trade openness, human capital development and the lag of FDI had either a positive and significant or positive and non-significant influence on FDI. The interaction between: 1) human capital development and stock market value traded; 2) human capital development and stock market capitalisation enhanced both the size and significance on FDI. Moreover, the interaction between banking sector variables and human capital development reduced the negative impact of banking sector development on FDI. Emerging markets are therefore urged to enhance economic growth, savings mobilisation, trade openness, human capital and financial development and to reduce inflation levels in order to increase FDI.

Human Capital and Economic Growth: A Three Stage Least Squares Approach

This article addresses the increasingly critical role of human capital investment in shaping economic growth in both developed and developing countries. The relevance of the topic is underscored by the global transition towards knowledge-based and digital economies, where the accumulation of knowledge, skills, and health-collectively termed human capital has become a decisive factor for enhancing labor productivity, fostering innovation, and ensuring long-term competitiveness. Recent economic disruptions, demographic shifts, and rapid technological change have further highlighted the importance of strategic investments in education, vocational training, and healthcare. Despite notable progress in many countries, persistent challenges such as brain drain, skill mismatches, and unequal access to quality education and health services continue to undermine the full realization of human capital’s potential. These issues are particularly acute in developing and transition economies, including Ukraine, where structural transformation and sustainable development depend heavily on the effective mobilization of human capital resources. The primary aim of this article is to synthesize contemporary empirical and theoretical research on the impact of human capital investment on economic growth, while also exploring the policy implications necessary for maximizing its benefits. The study adopts a systematic literature review methodology, analyzing recent English-language articles from leading international journals indexed in scientometric databases such as Scopus and Web of Science. This approach ensures a comprehensive and comparative perspective, drawing on evidence from diverse regions including Europa, Africa, Asia and post-Soviet states. The study identifies key trends, such as the positive and statistically significant relationship between investment in education, skills development, and health, and long-term economic performance. It also highlights the importance of the timing, quality, and alignment of human capital investments with labor market needs, as well as the necessity for inclusive and lifelong learning strategies. It is emphasized that the benefits of human capital investment are cumulative and often realized over an extended period, requiring patient and sustained policy interventions. Empirical studies reviewed show that countries with higher levels of human capital tend to experience faster, more resilient, and inclusive economic growth. The study also reveals that financial development alone is insufficient to drive growth without a complementary foundation of skilled human capital, as innovation and entrepreneurship depend on the effective utilization of financial resources. Furthermore, the article discusses the specific challenges faced by Ukraine, such as demographic decline, labor migration, and underinvestment in research and development, which hinder the country’s ability to fully leverage its human capital for economic recovery and EU integration. This study emphases the need for integrated policy approaches that simultaneously promote human capital development and financial sector growth. It advocates for comprehensive reforms encompassing education, healthcare, continuous upskilling, and supportive work environments to enhance innovation, productivity, and inclusive economic development. Ultimately, the synthesis of international experience and policy recommendations presented in this study provides valuable guidance for governments seeking to design effective strategies for human capital investment as a foundation for sustainable and resilient economic growth.

The purposes of the article are to assess the impact of financing of education and health to human capital development, to consider the relationship among wages and investment in human capital, to establish directions of improvement of the investments in human capital development in Ukraine and other lower-middle-income countries. Methodology. Methodological basis of the research is the study of the dynamics of such indicators as the Human Capital Index 2020, wages, GNI per capita, education expenditure, government expenditure, financing of health, the wages of full-time employees. To solve the problems arising from the purpose of the study, systemic method (when analyzing the relationship of the investments in human capital development and wages), statistical methods of comparisons, economic analysis (when processing statistics), historical method (in the study of the evolution of Human Capital Index, expenditures on health and education), empirical and correlation-regression analysis (in the analysis of the practice of investments in human capital development) have been used. Results. The human capital is a central driver of sustainable growth and poverty reduction. The article proves that high-income countries can better finance the development of human capital; they are the leaders of the Ukraine Index 2020, more human capital in high-income countries is associated with higher earnings for people, higher income for countries, and stronger cohesion in societies. At the same time, the article substantiates that the low level of GNI per capita (3370 USD in Ukraine) and insufficient level of education and health expenditure negatively affect formation of human capital (the 53rd place in the Human Capital Index 2020). On the basis of the study of government and non-government expenditure on education and health, it has been concluded that investments in human capital are the effective tool to increase of the wages of full-time employees. Practical implications. Today human capital gains in many countries are at risk, especially in lower-middle-income countries. Features of the current socioeconomic situation require strengthening of investments in human capital development. The main steps that are necessary to undertake for implementing changes in the investments in human capital development have been determined in the article. They are the following: optimization of state financing of human capital; creation of fiscal space; creation of regional funds for financing human capital development; creation of strategic alliances and partnerships; supporting the demand for education and health care from households. Value/originality. The relationships between investments in human capital development and wages in the lower-middle-income countries are analytically proved. The complex of actions on optimization of financing of human capital has been generalized.

The article presents the mechanism of human capital development, which takes into account the peculiarities of the functioning of machine-building enterprises, ensures the parallel development of digital skills, knowledge, digital intellectual potential in combination with technical and technological support, includes organizational measures and economic support for their implementation. Several factors affecting the development of human capital in the conditions of digitalization of the economy are identified. The factors of organizational direction that determine the development of human capital of machine-building enterprises include the implementation of the strategy for the development of the digital economy of Ukraine, demand for digital services, the development of remote work, the spread of devices and access to high-speed Internet, and the factors of economic direction - the reduction of the cost of digital technologies, the acceleration of turnover of funds thanks to e-commerce, capital return and asset productivity, reduction of transaction costs. The article describes several principles on which the human capital development mechanism should be based: the principles of proactivity, adaptability, perspective, progressiveness, comprehensiveness and economy. These principles are correlated with measures for the development of human capital. It is substantiated that the mechanism involves the use of modern tools provided by Industry 4.0 and Industry 5.0 technologies, as well as methods of proactive development of human capital. The framework of digital competencies and roadmaps for the integration development of human capital and the implementation and implementation of digital strategies are defined as an effective tool for engineering enterprises in the implementation of the development of human capital based on digitalization. A set of measures for the development of human capital has been substantiated and disclosed, which includes: the formation and systematic monitoring of digital competencies with the involvement of employees who correspond to them; creation and use of a corporate university, ensured both by the involvement of employees and the use of internally formed knowledge and abilities of own employees; renewal of tangible and intangible assets for digitization, development and adaptation of human capital by implemented digital strategies. The format of the proposed corporate university, which will involve comprehensive training of various groups of employees, exchange of experience and the use of various digital tools and VR/AR simulators, is detailed. Economic support for the proactive development of human capital is disclosed. Digitization strategies are defined, which should be aimed at the development of human capital of machine-building enterprises. The effectiveness of the implementation of the mechanism is substantiated.

This study aims to evaluate the impact of investment in the education and healthcare sectors on labor productivity in Vietnam from 2000 to 2023. Grounded in human capital theory and the endogenous growth model, this study employs the Autoregressive Distributed Lag approach to examine both the short- and long-run relationships among key macroeconomic variables, including investment in education, investment in healthcare, foreign direct investment, and labor productivity. The empirical findings reveal that in the long run, investment in both education and healthcare exerts a positive influence on labor productivity. Specifically, investment in education is statistically significant at the 5% level, whereas healthcare investment is significant at the 10% level. Conversely, foreign direct investment does not exhibit a statistically significant effect on labor productivity in the long term. In the short run, education investment continues to show a positive and significant impact, whereas the effects of healthcare investment and foreign direct investment are positive, but not statistically robust. The error correction coefficient is negative and statistically significant, indicating a relatively rapid adjustment speed of 74.18% per year toward long-run equilibrium. The diagnostic tests confirmed the validity and reliability of the model. This study highlights the critical role of education and healthcare in enhancing labor productivity and recommends that the government prioritize strategic budget allocation and improve the efficiency of public investment to foster sustainable economic growth.