A People-centred Approach to Economic Development (PCED): Brokering Economic Inclusion as a Route Way to Improving Competitiveness

<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

Global Development, Converging Divergence and Development Studies: A Rejoinder

The impact of institutions and natural resources on economic growth have been examined by several researchers with little attention being paid on the impact of such variables on human capital development. Premised on the Sustainable Development Goals that targets sustained and inclusive growth and development measured in both macro and per capita terms, the study seeks to examine the impact of economic growth, institutional quality and natural resources on human development in 14 West African countries for the period from 2010 to 2021. Panel data estimation techniques were used in this study. Due to many economic variables (human Capital development and human development index) being dynamic, Arellano-Bond’s (GMM) dynamic panel-data analysis was justified and most appropriate. The dependent variable that is Human development was measured in two (human capital development and human development index) and hence two models under each were estimated. Results revealed that the lagged values of both human capital development index and human development index affect human capital development in west Africa positively. A negative and statistically significant relationship with human development (human capital index and human development index) was revealed on income from natural resources and real gross domestic product. Institutional variables like corruption control, political stability and government effectiveness were found to have positive and statistically significant relationships with human development indicators used in the study. By ensuring equitable distribution on wealth and natural resources rents, and enhancing institutional quality, human capital development in West African economies can be realised and sustainable development goals can be achieved. Governments should continue to control corruption, ensure political stability and government effectiveness.

This study examined enhancing sustainable economic growth and development through human capital development in Nigeria. Primary data were collected through structured interviews from 296 respondents via questionnaire.The survey research design was used to collect data for the study. Data collected were analyzed using simple percentage (%), mean score (x) and chi-square (X2). Results of the findings showed that human capital development plays a critical role in economic growth and development; investment in human capital development will result in improved economic growth and development and that economic growth and development cannot be sustained without human capital development.The study concluded that to enhance and sustain economic growth and development, and for human capital to have an impact on economic growth and development, Nigeria needs to invest more on its human capital development as well as the provision of opportunities for developed human capital to express their skills, knowledge and abilities. The study suggested that more priority should be given to human capital development as well as the educational sector and human capital development should be the responsibility of all and sundry and not government/organizations alone.

This article explored human capital intelligence and economic development in Zimbabwe with some examples adopted from Israel and many other countries. A qualitative-exploratory literature review methodology was used for the purpose of this study because of its suitability. The primary concern of the author was to have and provide an in-depth analysis and understanding of the multiple realities and truths pertaining to human capital intelligence and economic development in Zimbabwe. An inductive approach was adopted for the purpose of this study. The findings of this article will make it possible to generalise the role of human capital intelligence towards economic development of a country and to develop some valuable propositions for future studies. The findings showed that human capital intelligence plays a critical role in economic development, through laying a foundation for economic development, attracting foreign direct investment, personal remittances, as well as attracting venture capitalists. Empirical evidence from countries such as Israel shows the criticality of human capital intelligence development to economic development of a nation. This article will assist business managers, societal leaders, policymakers, as well as governments to understand the criticality of human capital intelligence towards the development of a company, society and nation at large. This article has, therefore, academic, societal and business value. Keywords: Zimbabwe, economic development, human capital, intelligence, intellectual capital. JEL Classification: O1, J41, O34

PurposeThe purpose of this paper is to empirically investigate the relationship between foreign capital inflows, human capital development (HCD) and economic growth in ECOWAS countries.Design/methodology/approachIn line with the augmented Solow model, the relationship between foreign capital inflows, human capital development and gross domestic product in the ECOWAS member countries is investigated using the pool mean group method.FindingsThe authors find overwhelming evidence that foreign capital inflows and human development have a significant effect on economic growth in ECOWAS member countries. However, foreign direct investment (FDI), official development assistant, HCD and gross domestic investment are positively related to economic growth in sub-regions economies. Conversely, migrate official remittance, portfolio investments and external debts are negatively related to economic growth.Research limitations/implicationsThe authors recommend that sound economic policies should be targeted in encouraging foreign capital accumulation and HCD, especially on FDI, official development assistance that exerts a positive impact on the economic growth of the sub-region. Therefore, training is required to prepare the labor force to work with new technologies and promote efficient enterprise for ECOWAS economies to compete with developed countries and emerging economies.Social implicationsThis study argued that the development of human capital is a pathway that may lead countries away from sustained growth. In the context of any economy which lack well-developed capital and education markets, many otherwise qualified citizens may be denied the basic skills they need in order to contribute fully to the nation’s economic development. HCD would encourage foreign investments, resulting in reduction in poverty in ECOWAS countries.Originality/valueSeveral studies have been done on foreign capital inflow and economic growth nexus such as Orjiet al.(2014), Ajide and Raheem (2016), Musibauet al.(2017), etc.; however, none of the research studies has actually examined the effect of the relationship between foreign capital inflows and HCD on economic growth in ECOWAS countries. This study is designed to fill the vacuum.

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.

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.

Research background: Active development of information technology and globalization have made the digital economy an integral part of global and national economic systems. A key factor in the success of globalization processes is the availability of highly qualified personnel in sufficient volumes and relevant jobs, as well as a training system for specialists with certain competencies for the development and implementation of digital technologies. Purpose of the article: development of guidelines for innovative management of regional human capital formation in the global economy. To achieve this goal, the following tasks were solved: to identify the impact of quality education on the development of human capital; to evaluate the effectiveness of higher education institutions as one of the fundamental factors in the formation of human capital in a region in the process of globalization; to develop a methodology for the formation and improvement of human capital by modernizing the distance education system. Methods: dialectic, abstraction, analysis, induction, modeling, as well as statistical methods, comparison method. Findings & Value added: As a result of this study, an idea has been formed on the impact of quality education on the development of human capital; the analysis of the activities of higher education institutions as one of the factors in the formation and development of human capital in the region; a methodology has been developed for the formation and improvement of human capital by modernizing the distance education system.

This paper confirms earlier position that higher education is a sine-qua-non for human capital development and economic growth. However, the paper posits that the form of education that will translate to economic growth, especially, in Nigeria must place emphasis on the access to, content and openness of the education programmes to labour market demand. In today’s world, human capital development is crucial for attaining a sustainable economic growth and development. To create a knowledge based economy, in the light of technological advancements and globalization, there is the inevitable need to increase innovative capacity and transmission of knowledge. Higher Education is a prerequisite for the production of highly competent experts, which in turn, contributes to the development of organizations and the economy at large. Higher Education therefore is expected to play an important and increasing role in the development of Human Capital of a nation. Nevertheless, the problem of inability to gain access into university, inadequate funding and the mismatch between university programmes and the labour market demand have become serious and alarming issues to parents, policy makers and the society at large. This paper, therefore, examines the nexus between higher education (HE) and human capital development. The paper proceeds to identify the challenges confronting HE and human capital development in Nigeria and proposes, in particular, the diversification of HE curriculum to meet the need of the labour market and generate a wider fiscal space for the nation’s economic development. Finally, the paper recommends the introduction of Public-Private Partnerships in HE in order to improve the performance of the educational system in general and increase the payoff from higher education investment in particular.

Introduction. The human capital of any country is a priority factor of national wealth and well-being, as it creates the necessary potential in knowledge, experience and skills of people. It also accelerates intellectual and technical progress in society and strengthens a country's international competitiveness. The international experience in human capital formation confirms the importance of intellectual potential, education quality, and the need to accumulate it. The major reason for concentrating the human capital is the growing role of the population`s social protection and providing favourable conditions for personal and overall country development.
 Aim and tasks. The aim of the study is to develop a comprehensive approach to the analysis and evaluation of human capital by identifying its main components in the Slovakian regions. The average multivariate method was used for the research, considering the dynamics of the economic development indicator.
 Results. Based on the proposed algorithm for human capital analysis, an assessment of the human capital development level in Slovakian regions was carried out using the average multivariate method, considering intellectual, educational, physical, science, and innovative capital. The calculations and comparative graphic analysis for the period 2018-2020 revealed a close connection between the dynamics of GDP and human capital development, which can be traced in each region of Slovakia. The change in GDP in the calculation period is proportional to the change in human capital assessment indicators. The synchronicity in the graph`s dynamics of the average multidimensional indicators of GDP and human capital in Slovakia for the period 2018-2020 is graphically substantiated. This confirms that the indicators selected for analysis and evaluation indicate a stable connection between investments in the individual components of human capital and the country's economic development.
 Conclusions. The analysis and assessment show that Slovakia has significant reserves for human capital development, which must be realized by implementing institutional changes both at the national and regional levels. This can be realized through the implementation of state programs to support youth, increase the level of funding, develop a business incentive system, and activate people’s creative potential. The methodology of the analysis and the proposed measures will help improve the level of human capital in the country. A set of measures to improve the efficiency of the use and development of a country's human capital was proposed.

Currently, the economy of Kazakhstan is in the process of global changes in the economic and technological structures. The situation in the labor market and educational services calls for changes in the content of education in relation to the modern requirements. Discloses a digital transformation sector: the importance of the balance of the strategy and tactics of business and society, issues involving the human capital and society in modernizing the management of the economy in terms of globalization. In the article the human capital is considered as the driving force behind the development of innovation-based economy, capable of responding to the challenges of the world civilization. Without the human capital development of a country can neither achieve sustainable economic growth, nor to create a contingent of workers who will be willing to take require retraining of workers of the future places or to compete effectively in the global economy. According to the authors the important role it is necessary to take digital technologies. It is necessary to completely review the contents of all levels of education and training in the IT-industry, in the field of organization of management through the development of digital skills. Currently, the economy of the Republic of Kazakhstan is at the stage of global changes in the economic and technological structures. The situation on the labor market and educational services necessitates changes in the content of education in relation to modern requirements. The sector of digital transformation is revealed: the importance of balancing the strategy and tactics of business and society development, the issues of involving human capital and society in managing the modernization of the economy in the context of globalization.The formation of a multicomponent information and educational environment, information and digital technologies make it possible to build completely new communications, as well as new relationships among people, the restructuring of the entire economy and society, so that our life is better and “smarter”. The modern economy is called the economy of effective human capital, which emphasizes its main role in the development and growth of the economy. Human capital is seen as the driving force behind the development of an innovative economy that can respond to the challenges of world civilization.It makes up more than half of the national wealth of each of the developing countries and the main intensive factor in economic growth and social development. The level of skills demanded by the labor market is changing rapidly, which creates both new opportunities and new risks.Without the development of human capital, countries will not be able to achieve sustainable economic growth, nor create a contingent of workers who will be ready to occupy advanced jobs for the future, or compete effectively in the global economic arena.

Today, humanity is facing various challenges when it comes to the development level in different countries or regions. The global economy is bouncing back from a serious crisis, yet still struggling with the unpredictable reminiscences of the crisis. Restarting the economic growth is vital for the global development. But when it comes to “development”, are we sure what it really means with respect to different countries? World Bank experts define development through a set of indicators of wealth which reflect mainly the quantity of resources, resource allocation, the effect of production and consumption on people’s environment and the like. Different countries have different visions on how to increase the national wealth, therefore the interest in setting development policies may vary from region to region, from country to country. Development is also related directly to people's quality of life: access to education and health care services, employment opportunities, availability of clean air and safe drinking water, and the threat of crime and so on. A sustainable economic growth must be nourished by the fruits of human development such as improvements in human capital along with opportunities for its efficient use: more and better jobs, better conditions for encouraging new and innovative business and greater democracy at all levels of decision‐making[1]. The interdependency between sustainable economic growth and human development is more than obvious, complex and diverse relationships are constantly set, the prerequisites for economic growth or human development are established, and the list is still open. Investing in human capital development is one of the conditions that enable economic growth.[1] SoubottinaT.P., Sheram K.‐ Beyond Economic Growth –Meeting the Challenges of Global Development, World Bank Learning Resources Series, USA, 2000 http://www.worldbank.org/depweb/beyond/beyondco/beg_00.pdf

Sustainable development is one of the most challenging and pressing challenges facing humanity. One of the driving factors of sustainable development is the successful development of human potential and the transformation of this potential into human capital. In recent decades, reproducible human capital has begun to occupy a significant share in the structure of the national wealth of many developed countries.
 In developed countries, the share of human capital in the country's national wealth reaches 70%, thereby significantly exceeding the importance of natural and physical capital in economic growth. Due to the variety of factors and conditions affecting the sustainable development of countries, the development of human potential and the formation of human capital around the world is happening with different dynamics. This largely depends on government priorities and policies in the field of full development of human potential, the creation of favorable social, economic and environmental conditions for its successful implementation. The author researches the factors that influence the development of human capital to varying degrees, analyzes various government policies aimed at the development of human capital, analyses experience of the public administration mechanisms in the Republic of Azerbaijan aimed at human development and the development of human capital. An important aspect of the success of the implementation of government programs is the assessment by influential international organizations of various country indicators. The article also highlights topical issues related to the development of human capital within the framework of national development priorities until 2030. The reforms carried out in the Republic of Azerbaijan in the field of vocational education, health care, demographic policy, the implementation of programs to support the private sector, especially small and medium-sized businesses, the creation of favorable conditions for investment in various sectors of the economy are important factors for the development of human capital in the medium and long term.
 The purpose of the article is to study the factors influencing the development of human capital in the Republic of Azerbaijan, to analyze the state measures carried out in the country aimed at creating the necessary conditions for the development of human capital.

The paper attempts to rekindle the debate of low human capital base as a bane of Africa’s economic transformation. The paper attributes developmental gap between Africa and the rest of the world to its relatively weak human capital base. Low public investment in education culminating in limited access to education, poorly motivated teachers and overstretched tools and facilities remain key challenges to Africa’s human capital development. Africa’s human capital base can be enhanced through improved public investment in education and private sector participation in provision of education, measures to reverse brain drain, and effective collaboration between educational institutions and industry.