Abstract
The study of human capital management issues is essential for both economic growth and economic development. Because of that, the problem was studied by various economists, such as: A. Smith, D. Ricardo, J. Walsh et al. The indisputable relevance of the issue at hand accounts for the choice of the research topic. The article presents the role of human capital in the modern economic system, examines the elements of human capital, analyzes one of the most important factors affecting the development and reproduction of human capital in the Republic of Armenia - the dynamics of the number of students in higher educational institutions of the RA in 1998-2020 and the possible negative consequences of that. The conducted studies show that the number of students of higher education institutions in 2000-2009. increased by 53.9 thousand, the increase was 1.9 times or 88.8%, and in 2009-2020, the same indicator decreased by 45.6 thousand. Compared to the same years, the number of students decreased by 39.8%. Accordingly, the need to develop and implement a systemic state policy was substantiated as a prerequisite for accumulating and increasing the efficiency of reproduction of human capital.
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