Abstract

The issue of efficient use of non-material resources both in business and education is currently generating increasing scientific interest across the globe. In this regard the article deals with the concept of professional capital and its components as the major prerequisites of ensuring high quality and efficiency of higher education. Professional capital of higher education is viewed as synthesis of intellectual, social and decisional capital of institutions of higher education which in their turn are realized through interpersonal communication, cooperation and networking, knowledge and experience of university employees, faculty, students and other higher education stakeholders, their relationships, achievements and decisions which altogether ensure the high quality and efficiency of higher education. Major components of professional capital, i.e. intellectual (including human and organizational capital), social, and decisional capital are characterized and detailed with respect to higher education. Human capital of higher education, an integral element of its intellectual capital, is analyzed and viewed at the following levels: personal (the level of an individual), microeconomic (the level of an institution), and macroeconomic (the level of higher education of a nation or the world). Social capital is primarily based on cooperation which is realized through the listed major activities within academia. Decisional capital involves making decisions in complex situations on innumerable occasions with a variety of problems and cases. Finally, the interpretation of professional capital of higher education is provided and its significance in ensuring high quality and efficiency of education is stressed as well as prospects for future research are outlined.

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