Abstract
The authors examine evolution of approach towards understanding of human capital and qualitativetransformation of human’s role in economics, conditioned by the transition to post-industrial society.Neo-classical approach has a special role in development of human capital theory. Examining human capital as asource economic growth of any country, the authors point out qualitative perfection of human potential. Thearticle introduces methodology for integral evaluation of level of human development exemplified by the leadingcountries of Asia-Pacific Region an European Union. In addition, complex evaluation of human capitaldevelopment is discussed as a two-side process: from one side, it is a formation of human abilities and skills,from the other side – realization of gained abilities and skills for the use of production or for recreation, cultural,political activity. Several key points of human development are pointed out for the purposes of a complexevaluation of human potential.Authors’ methodology of calculation of human development index is distinguishable from conventionalmethodology by at least one main principle: the authors believe that conducted experimental calculations mightprovide the most complete idea of human development from the point of view of three interconnectedcharacteristics: human capital, human resources, and evaluation of conditions for formation and implementationof abilities and skills of a person.
Highlights
In 60-80 years of the last century, there was a tendency to the emergence of the new economic growth theories (Lucas, Becker, & Schultz) proving that the main factor of the economic growth was a human capital
Examining human capital as a source economic growth of any country, the authors point out qualitative perfection of human potential
The article introduces methodology for integral evaluation of level of human development exemplified by the leading countries of Asia-Pacific Region an European Union
Summary
In 60-80 years of the last century, there was a tendency to the emergence of the new economic growth theories (Lucas, Becker, & Schultz) proving that the main factor of the economic growth was a human capital. The main problem of the formation of sustainable development economics is still the efficiency of investing in human capital, which is the central determinant of the level of the economic growth and the quality of life. The economy and the education level of the society are interdependent elements of the social system. Each of these elements influence the development of the other one in a very complicated way. It could be claimed that this is a very ambiguous phenomenon which is quite capacious and includes a lot of different areas such as social, economic, psychological, and even philosophical, as there is no aspect of human existence, which would, in principle, do not fall under the definition of a human capital. The existence of different definitions is quite natural, it is obvious that the capital itself, as an economic phenomenon, is multifaceted, takes many forms, and performs different functions, i.e. becomes pervasive, "multifunctional"
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