Assessing the impact of human capital on economic sustainability. The influence of human capital on the sustainability of company growth

The relevance of the research topic directly correlates with the economic interests of society and is determined by the current state of the world and domestic economy associated with the transition to the post-industrial phase of development, in which the leading factor of production and economic progress is human capital.

The topicality of the scientific debate on human capital is increasing over time in connection with the transition of our country from a socialist to a capitalist socio-economic system.

After a long period of recession in the 1990s, economic growth began. However, this growth is largely driven by external economic factors, mainly high energy prices. Therefore, in special scientific literature and journalism, different points of view are expressed regarding the ways and means of transition to sustainable economic growth based on production using modern high-tech technologies and the human factor.

The strategic path of Russia's economic development corresponds to the global processes of global economic dynamics. The globalization of economic ties and relations, the processes of market transformations lead to a serious revaluation of the role and importance of many factors of economic development and reproduction processes. The goal of economic development is the absolute and relative increase in the national wealth of development factors previously classified as so-called “non-economic”.

Unlike natural resources, human capital is renewable. Examples of countries not rich in natural resources, which managed to reach the forefront of economic development in the shortest possible time by historical standards through the development of modern technologies, prove that it is social factors that can ensure the sustainability of economic growth. Therefore, many authors consider it necessary to ensure a new quality of economic growth in Russia, which should be based on the use of predominantly social rather than natural resources. The relevance of the research topic is also determined by the fact that the production nature of human capital, which is, on the one hand, the totality of the production abilities of a modern worker, and, on the other hand, the costs of the state, the enterprise and the worker himself for the formation and constant improvement of these needs further theoretical development. abilities.

The economic approach to man and his behavior, carried out within the framework of the theory of human capital, is used in the practice of market management in developed countries. Many foreign and domestic scientists consider investments in science, education, healthcare, and labor mobility as an important type of investment and one of the main sources of increasing national wealth. However, the problem of investment efficiency, its criteria and indicators, and the specific impact on human capital are much less reflected in the scientific literature and require new research.

Development of the research topic.

The works of the classics of economic theory A. Smith, D. Ricardo, A. Marshall, K. Marx are devoted to the study of general methodological aspects of the problem of “human capital”. They consistently developed methodological principles of economic theory, which made it possible to further consider the intangible elements of production as objects of a capital nature.

The theory of human capital was developed in the works of G. Becker, I. Ben-Porath, M. Blaug, W. Bowen, M. Woodhall, S. Daisy, J. Jones, B. Kicker, J. Mintzer, R. Layard, G. Psacharopoulos , M. Karnoy, F. Machlup, L. Hansen. The study of human capital as a factor of economic growth is devoted to the studies of E. Denison, J. Kendrick, T. Schultz, P. Romer, R. Lucas.

Social issues related to the concept of efficiency and justice, private and social benefits of education, and the causes of social inequality are reflected in the works of N. Barr, J. Vaizey, B. Weisbrod, W. McMahon, S. Bowles, L. Lurow, M. Spence , K. Arrow.

In the 1950s, the center of gravity of research in foreign economic science shifted from the processes of using existing labor to the problem of creating a qualitatively new workforce necessary for complex knowledge-intensive production. It was during this period that the theory of human capital began to take shape, among the creators of which T. Schultz, G. Becker and J. Mintzer became most famous.

This theory gained the greatest popularity among representatives of the Chicago school, the central methodological setting of which is to explain economic processes based on the principle of maximizing the benefits of individuals. The theory of human capital made it possible to transfer this principle to various areas of non-market human activity.

It is assumed that investments in education, health, migration and other activities are made on a rational basis in order to obtain greater returns in the future. Thus, there is a significant similarity between the formation of physical capital and the formation of human capital (the quality of the labor force): both require the diversion of significant funds to the detriment of current consumption, the level of economic development in the future depends on both, both types of investments provide long-term productive effect in nature.

The theory of human capital today is more actively used in microeconomics, especially within labor economics. It is used in a variety of empirical studies to track the real impact of education and experience on wages. The situation is much more complicated when it comes to detecting the effect of human capital on economic growth on the scale of a national state. According to G. Myrdal, most economists tended to ignore the instrumental value of theories that focused on human qualities “for the reason that the effect obtained from improving the quality of the population is too diffuse, manifests itself a long time later and is difficult to measure”1.

In the most well-known theoretical models of economic growth, human capital is not considered as an independent factor in this process (although it can be analyzed as an element implicitly contained in the factors “labor” or “labor”). However, the role of human capital is taken into account in some neoclassical models of economic growth. For example, in R. Solow’s model, along with investment and an increase in the number of employees, the factor of technical progress is also taken into account, which means not only the growing mechanization of production, but also an increase in the labor efficiency of workers, depending on their health, education and qualifications. In the works of G. Mankiw, D. Romer and D. Weil, capital is divided into physical and human. The developers of this model came to the conclusion that the share of physical capital in income is equal to 1/3, and the share of human capital is from 1/3 to 1A.2 At the same time, the qualifications of the workforce and the quality of physical capital complement each other. Low quality main

Myrdal, G. Modern problems of the “third world” / G. Myrdal. - M.: Progress, 1972- p. 645. 2

Nureyev, R. Theories of development: new models of economic growth (contribution of human capital) // Questions of Economics. - 2000. - No. 9. - p. 137 capital can be compensated by the high qualifications of the labor force, and the high quality of capital is largely devalued by the low qualifications of the labor force. For example, South Korea and Taiwan compensated for the insufficient level of development of physical capital with a high quality labor force, which, according to experts, was one of the most important factors in the growth of their economies in the 60-80s of the 20th century.

There are also other models of economic growth that use the L factor of human capital. R. Lucas in his model considered both the stock of human capital and its effectiveness. He proposed an original interpretation of the production function, which included the share of labor costs for the creation of human capital, the stock of human capital and the average level of human capital on average in the economy.

B. Lucas model, in a state of dynamic equilibrium with constant growth rates of physical and human capital and in the absence of externalities, the growth rate of output will be completely determined by the growth of human capital.

The concept of human capital is also used in the World Bank's national wealth assessment. In this interpretation, national wealth includes natural, reproductive and human types of capital. The structure of national wealth calculated in this way is dominated by human capital, accounting for about 2/3 of its final assessment, and in the countries of North and Central America, Western Europe and East Asia it reaches 3/4 of the total national wealth. Based on this model, human capital began to be considered the main factor of social reproduction at the end of the 20th century.

In general, it can be stated that today the influence of human capital, and in a broad sense, the social potential of society on economic growth, has clearly not been sufficiently studied.

3 Lucas, R.E. On the mechanics of economic development//Joumal of Monetary Economics. - 1998. - No. 22, P.3-22.

This is especially true for the impact of macroeconomic parameters that contribute to the formation of human capital and its subsequent implementation in the activities of subjects of the economic process. This work is intended to fill this gap to some extent. The relevance of the problem and the lack of scientific elaboration of it predetermined the choice of the topic of the dissertation research and determined its purpose and objectives.

The purpose of the dissertation research is to study the essence of human capital and the features of its formation and use as a factor in ensuring the growth of the Russian economy.

In accordance with the goal, the following tasks were set and solved:

Analyze the evolution of human capital concepts in foreign and Russian economic science;

Study the essence and structure of human capital, as the main factor of production, and its impact on the economic growth of society;

Determine the main directions for the most effective development and use of human capital in the transitional economy of Russia; explore the relationship between the conditions for the formation and implementation of human capital along with other factors of economic development;

Identify the most significant factors influencing the accumulation of human capital;

Reveal ways to overcome existing obstacles in the implementation of human capital in order to achieve sustainable growth rates for the Russian economy;

To develop theoretical and practical recommendations aimed at updating the problem of human capital and helping to improve its formation and implementation in the interests of ensuring a new quality of growth in the Russian economy.

The object of the study is the relationship and interconnection between the socio-economic system of the state and human capital as a set of living conditions of society, the qualitative characteristics of its citizens and the organizational and institutional structure of social reproduction.

The author proceeds from the fact that in the conditions of modern Russia it is necessary to reorient the economy from development based primarily on raw materials to the active use of the inexhaustible possibilities of high-tech technologies and human resources.

The subject of the study is the system of relations between the quantitative and qualitative characteristics of human capital, as the main element of the social potential of society, and the dynamics of economic growth in modern Russia.

The subject, purpose and hypothesis of the work predetermine the solution of the scientific research problem: to prove that human capital, and in particular its most important component - education, have an undeniable positive impact on the rate and quality of economic growth of society, and on this basis to determine the directions for intensifying investments in various spheres of human capital production in modern Russia.

The working hypothesis of the study is to recognize human capital as the most important factor determining the standard of living of the country's citizens, the pace, quantitative and qualitative indicators of economic growth in the conditions of modern Russia.

The methodological and theoretical foundations of the study are the provisions and conclusions of domestic and foreign scientists on the problems of economic theory and institutional economics. Legislative and regulatory acts regulating economic activities in the Russian Federation were used. The information base for the work was data published in statistical collections and periodicals. During the study, the principles of the dialectical method of cognition were used, as well as specific methods of econometrics and statistics, empirical observation, classification of economic phenomena, historical and comparative analysis, analogies, etc.

Approbation of research results.

The main provisions and results of the dissertation research were presented at the international scientific and practical conference “The Impact of Human Capital on Economic Growth/Innovation Management - 2006” (Moscow, 2006); XI scientific and practical conference “Macroeconomic problems of the Russian economy” (St. Petersburg, 2006), IV international scientific and practical conference “Modern problems of personnel management in an organization” (Penza, 2006); scientific and practical conference Macroeconomic problems of the Russian economy, held in the Pskov branch of the St. Petersburg Academy of Management and Economics in 2006;

The results of the study are reflected in 5 publications, with a total volume of 10 pp.

The dissertation research obtained the following theoretical and applied results that determine scientific novelty and are the subject of defense: Scientific novelty:

Scientific views and methodological approaches to defining the category of human capital are systematized;

The difference between real capital and human capital has been revealed, and it has been proven that the latter is the main factor of economic growth;

The main directions of investment in human capital, return on investment are considered;

The significance of the influence of human capital on GDP was calculated using the extended model of R. Solow, the importance of education as the main factor directly influencing the accumulation of human capital was confirmed;

Based on an analysis of the problems of the functioning of the modern labor market, the main directions of state policy in the field of regulation of the labor market were clarified and a conclusion was drawn about the need for social reforms, especially the education and science systems;

Directions for improving the quality of human capital are proposed that can stop destructive processes in the Russian economy and ensure sustainable economic growth.

The dissertation consists of an introduction, three chapters, ten paragraphs, a conclusion and a list of references. In the text of the dissertation, the main provisions and conclusions are illustrated with 16 tables and diagrams. In conclusion, the main conclusions of the work are presented. The list of used literature contains 221 titles.

The conclusions of our empirical study do not contradict the conceptual approaches of the theory of human capital. At the same time, the mechanism of interconnection of economic processes cannot be simplified until the degree of influence of one production factor on the resulting economic indicators is identified. Although we can argue that there is a positive relationship between educational attainment, human capital and economic growth, calculating specific values ​​for this impact is not an easy task, especially since human capital is not the only factor influencing economic growth. The cause-and-effect relationships between investments in human capital and indicators of economic dynamics are indirect, and their impact is integral, since the economic system is influenced by a large number of various interrelated factors. Therefore, the ability of econometric modeling to explain and analyze the processes of interaction of economic indicators must be consistently confirmed by real examples of economic reality.

It can be confidently noted that the lack of human capital of proper quality hinders economic growth, and the good qualification level of the proposed labor force contributes to it. Historical examples from countries such as Germany and the United States show that the emergence of mass education in the late 19th century preceded the accelerated economic growth of these countries. The same can be said about the industrialization of the 30s of the 20th century and the post-war breakthrough of the USSR, when in fifty years the structural ratio of the urban and rural population changed, the country from an illiterate agricultural one turned into an industrial “superpower” despite the losses suffered in two world wars. Very recent examples of the economic growth of the “Asian tigers” - Singapore, South Korea, etc., which had a high level of literacy by the 1980s and early 1990s - the time of their accelerated development. Indeed, the presence of well-trained workers can contribute to economic growth, while their absence is a bottleneck. For example, India, despite its population of almost a million, suffers from a shortage of skilled labor. The National Employers Association predicts that the industry, which currently employs about 350,000 people, will be short of 206,000 workers by 2009. Such forecasts can be associated with cross-country data on educational levels: for India it is 61% literate among the adult population, while for China (a country comparable in size and age structure of the population) this figure is 90.9%64 according to UNESCO. Comparing these data with the average annual GDP growth rates of these two countries for 1991-2004 - 6.2% and 9.8%, respectively, we can assume with a high degree of confidence that education is one of the important factors in accelerating economic growth and the main factor in the accumulation of human capital. It has the greatest significance at the national level, which

64 http://hdrstats.undp.org/countries/countryfactsheets/ctyfsCHN.html is supported by our empirical findings. At the same time, the mechanism of interaction between investments in human capital and economic growth is a way of running an economy inherent in a specific type of economy with its inherent relationships, forms and methods of influence of economic entities on the reproduction process, institutional structure, employment structure and methods of realizing human capital.

2.2. Investing in human capital

Human resources can be measured both quantitatively and qualitatively. The number of people, the proportion of those engaged in useful work, the number of hours worked - in essence, these are quantitative characteristics. Qualitative characteristics are skills, knowledge and similar properties that affect a person’s abilities and contribute to increased productivity. Expenditures aimed at increasing these abilities, and therefore increasing human productivity, are called “human investments.” What are the economic benefits of increasing the stock of human capital? As we have found, at the national economic level, high levels of human capital contribute to economic growth by supplying a more skilled and therefore more productive workforce. For an individual, an increase in economic benefits is an increase in income, primarily a positive balance between the price of acquiring capital (investment costs) and the increase in future income upon graduation. Payment for this increase in income is justified by an increase in the productivity of the owner of capital, from which follows the condition for the full use of accumulated knowledge and skills, then the cost of the product produced per unit of time by a trained worker increases, which increases his earnings and contributes to economic growth. Thus, investment is the most important prerequisite for the reproduction of human capital, which is carried out in the process of activity, where the owner of capital is either an object, a subject, or a result of influence. Human capital is created both in the public sector of the economy through the market mechanism, and in the personal one in the sense that labor costs and efforts for self-development and self-improvement play a decisive role in this process, increasing the level of consumption along with the productivity of working time. These costs are then inevitably included in social costs in the entire reproduction process, because the accumulated stock of knowledge, skills and other productive qualities of a person can be realized and can be assessed only in society through the active activity of their owner. K. McConnell and S. Brew give the following definition: “Investment in human capital is any action that improves the skills and abilities and thereby the productivity of workers. Expenditures that increase someone's productivity can be considered an investment because current expenses, or expenses, are made with the expectation that these expenses will be offset many times over by an increased stream of income in the future." 65 They distinguish three types of investments in human capital: expenses on education, including general and special, formal and informal, and on-the-job training; health care costs, consisting of expenses for disease prevention, medical care, dietary nutrition, and improvement of living conditions; mobility costs by which workers migrate from places of relatively low productivity to places of relatively high productivity.

J. Kendrick's approach to the classification of investments in human capital is unique. He divided all types of investments into the following categories: material, embodied in people; material, not embodied in people; immaterial, embodied in people. He divides investments in human capital into tangible and intangible. The first includes all the costs necessary for the physical formation and development of a person (mainly the costs of giving birth and raising children). To the second - accumulated costs for general

65 McConnell, K. R., Brew, S. L. Economics: principles, problems and policies / K. R. McConnell, S. L. Brew. - M.: Republic 1992 -110 p. education and special training, part of the accumulated costs of health care and labor movement. The peculiarity of intangible investments is that, despite their “intangible” nature, these expenses, increasing the knowledge and experience of people, contribute to the growth of productivity of capital embodied in people66.

When assessing investments, J. Kendrick takes into account the category of “lost earnings” of students. Lost earnings are possible incomes that, for example, students would have had if they had not studied but worked. At the same time, study is considered as a diversion of labor, which is already accumulated capital and capable of generating income, from the sphere of current economic activity.

Human capital production is the process of creating human productive capabilities through investments in the specific processes of an individual's activities. In this case, investments can be considered in two ways - as investments of financial resources and resources and as certain types of activities. In the most general terms, all types of investments in a person that can be valued in monetary or other form and that are expedient in nature, that is, they contribute to the growth of labor productivity and help increase a person’s income, are investments in human capital. On the other hand, the main forms of activity, such as school education, on-the-job training, health promotion and increasing the stock of information regarding the economy, are investment activities that develop human capital.

Investments in human capital have a number of features that distinguish them from other types of investments.

The return on investment in human capital directly depends on the lifespan of its owner (on the duration

Kendrick, J. Total capital of the United States and its formation / John Kendrick. - M.: Progress, 1978. - 70 p. working period). The earlier investments are made in a person, the faster they begin to produce returns. But you need to keep in mind that higher-quality and longer-term investments bring higher and longer-term results.

Human capital is capable of not only accumulating and multiplying, but is also subject to physical and moral wear and tear. The wear and tear of human capital is determined, firstly, by the degree of natural wear and tear (aging) of the human body and its inherent psychophysiological functions, and secondly, by the degree of moral (economic) wear and tear due to obsolescence of knowledge or changes in the value of the education received. The accumulation of human capital is carried out in the process of periodic retraining of the employee and his accumulation of production experience. If this process is carried out continuously, then as human capital is used, its qualitative and quantitative (quality, volume, value) characteristics improve and increase.

As human capital accumulates, its profitability increases to a certain limit, limited by the upper limit of active labor activity (active working age), and then sharply decreases.

When forming human capital, there is a “mutual multiplier effect.” Its essence lies in the fact that in the process of training, the characteristics and abilities of not only the student, but also the one who teaches, improve and increase, which subsequently leads to an increase in the earnings of both the first and the second.

Not every investment in a person can be recognized as an investment in human capital, but only those that are socially expedient and economically necessary. For example, costs associated with criminal activity are not investments in human capital, since they are socially inappropriate and harmful to society.

The nature and types of investments in a person are determined by historical, national, cultural characteristics and traditions. Thus, the level of education and choice of profession by children largely depend on family traditions and the level of education of their parents.

Compared to investments in other various forms of capital, investments in human capital are the most profitable both from the point of view of the individual and from the point of view of the entire society.67

Despite the obvious contradictions in understanding the structure of human capital, all researchers are unanimous in recognizing the dominant importance of the educational factor, that is, knowledge, skills, abilities and the ability to perceive them and periodically update them - everything that formal education instills in a person. Many researchers have tried to separate the influence of educational factors on future income growth from the influence of social origin, health and ability. Various methods and models were used, but the results reached by different authors regarding the importance of the educational factor are practically the same: the total impact of all factors, with the exception of education, is no more than 40%, and 60% of the difference in a person’s income is explained by the level of his education. Thus, education has the most powerful cumulative contribution to the growth of an individual's future earnings. In addition, increasing education indirectly increases a person’s health capital and social well-being. Therefore, some researchers add 15 - 20% to the previously determined 60%; express the opinion that the total contribution of education to the growth of future incomes of society and the individual is at least 75 - 80%. Investments in higher education contribute to the formation

67 Dyatlov, S. A. Theory of human capital / S. A. Dyatlov. - St. Petersburg: Publishing house SPbUEF, 1996. - P. 30 highly qualified specialists, whose highly productive work has the greatest impact on the rate of economic growth.

Particular attention should be paid to the group of expenses for on-the-job training. Today it is one of the most important components of investment in human capital in all countries of the world. According to O. Nordhaug, in any training project up to 80% of knowledge comes from independent learning. This especially applies to the professions of researchers, teachers, engineers, computer experts, etc., which are called upon to continuously update their qualifications through individual study of literature, the use of independent training programs, learning from the activities, experiences and opinions of other people.69

Along with education and in-service training, investment in human health is the most important. Investments in health and its protection, reducing diseases and mortality, extend a person’s working life, and, consequently, the functioning time of human capital. The state of a person’s health is his natural capital, part of which is hereditary, and the other acquired as a result of the costs of the person himself and society. Over the course of a person's life, human capital gradually wears out. Health-related investments can slow down this process.

It is interesting that the results of recent studies indicate that human health depends only 8-10% on healthcare, another 20% on environmental conditions, another 20% is determined by genetic factors, and 50% human health depends on the lifestyle of the person himself. (rational daily regimen, use of various methods of rapid recovery and stimulation

68 Greenaway, D. Assessing the benefits to society from the higher education system/D. Greenaway, M. Haunes // Economics of Education. -2002, N3,-S. 64

Galaeva, E.V. Study of human capital in foreign literature/E.V. Galaeva (abstract of Ord Nordhaug’s book “Human Capital in Organizations”) // Society and Economics. 1997 - No. 7-8. - P. 256. performance, hygiene, balanced nutrition, getting rid of bad habits and excess weight, formation of a beautiful figure, prevention and elimination of stress, the use of various sets of physical exercises, traditional and unusual methods of hardening, various types of massage, etc.70. Thus, the costs associated with maintaining a healthy lifestyle, in our opinion, also need to be classified as investments in a person.

It is also common to use free time to improve knowledge and skills, which is also not reflected in national accounting. L. Thurow writes: “Every individual has a certain initial supply of human time. The supply of human time is as basic as the supply of resources. It is the main human capital asset that allows an individual to acquire other human capital assets" 71.

The costs of migration and the search for economically significant information contribute to the movement of labor to areas and industries where labor is better paid, that is, where human capital is used more productively and the price for its services is higher. Investments in raising and caring for children represent investments in the reproduction of human capital in the next generation.

G. Becker in his monograph distinguished between special and general investments in people. Special training provides workers with knowledge and skills that are of interest only to the company where they were acquired (for example, familiarizing newcomers with the structure and internal routine of the enterprise). During general training, the employee acquires knowledge and skills that can be used in many other companies (computer training).

70 Laptev,/!. P. Health is the foundation of business success / A. P. Laptev I Personnel Management. - 1997. - No. 10, - P. 88.

71 Thurow, L. Investment in Human Capital. Belmont/L. Thurow.-C.U.Print. - Cambridge, 1970. - p. 56

G. Becker showed that general training is indirectly paid for by the workers themselves, when, in an effort to improve their skills, they agree to a lower salary during the training period, and they then receive the income from it. If its financing came from firms, they would lose their investments every time they fired such workers. And vice versa, special training is paid for by firms, and they also get the income from it, since otherwise, if they were fired at the initiative of the firms, the workers would bear the losses. According to Becker, the costs of producing new knowledge and skills and improving skills also include the cost of time and effort of the student.

In our opinion, today, in a certain sense, it is also relevant to include expenses on fundamental scientific developments as investments in human capital. Indeed, in the process of the development of science, not only are intellectual innovations created, on the basis of which new production technologies and methods of consumption are then formed, but also people themselves are transformed as economic entities who act as bearers of abilities and needs. We agree with A. Shammazov and O. Belenkova that in the information society, where developed countries are moving and where the decisive role will belong to the areas in which, thanks to the development of science, culture, education, the information wealth of society is accumulated, then accumulated in the field of technology, science turns into a kind of generator of human capital.72

The growing importance of human capital today is associated with the strengthening role of education in economic development and with serious changes in the interaction of subjective and objective factors

Shammazov, A. Technical universities in the information-industrial society / Shalshazov A., Belsnkova O. // Higher education in Russia. - 1998. 1. - pp. 24-27. production. The transformation of the human factor into the leading and determining productive force in relation to the material factor has been happening since the middle of the 20th century, also because the time lag has decreased, that is, the gap in the number of years required to change technologies and train personnel for them. Previously, radical technical changes in social production took place after about 35-40 years, and therefore the knowledge acquired at universities was enough for almost the entire further working life of a specialist and an average of 6-8 years was enough for training. In modern conditions, the average period for updating technologies and equipment has been reduced to 4-5 years, and in the most developed industries - to 2-3 years, and the need for updating is dictated not so much by physical as by moral aging. And the time frame for training qualified

73 employees increased to 12-14 years or more.

In the XIX - first half of the XX centuries. The overwhelming majority of professionals were required, first of all, to firmly grasp a strictly defined range of knowledge, skills and abilities, and to clearly perform their duties in accordance with strictly defined rules. As for modern production, its effectiveness depends decisively on the initiative and creative attitude of all its participants - workers, engineers, managers. Each of them must not only act as a qualified user of continuously updated and improved technical devices and technologies, but also constantly participate in their improvement, look for fundamentally new, increasingly fruitful technical, organizational, economic and social solutions.

Among the most important modern economic patterns characteristic of most countries is the intellectualization of economic and social life in general. This process manifests itself

Turchenko, V. Strategy of education in Russia: Crisis and prospects/V. Turchenko, L.Kolsnikov // Observer. -1997.-No.9. -WITH. 60. in two ways: not only the role of such sectors of the social sphere as education and science is increasing, but also the importance of intellectual activity within other sectors of the economy. Both trends contribute to the formation and improvement of the educational, professional, scientific and spiritual potential of society and are the most important factors in socio-economic development.

Current production dictates a high level of education, knowledge, culture, professional skills, and ability to handle modern technology. It is not the previously acquired skills and dexterity that take the leading place, but a solid knowledge base and creative abilities. The growth of the educational and cultural level of workers acts as a necessary prerequisite for their adaptation to dynamically changing working conditions, especially during the period of structural restructuring of the economy. Systematic updating of science and technology requires appropriate knowledge and psychological readiness to make decisions and act in non-standard conditions, a creative, proactive approach to business, the ability to take responsibility for decisions made and their implementation.

Education, healthcare, vocational training, search for economically significant information, labor mobility, education and childcare are considered by Western economists to be the main areas of “human investment”.74 Due to the significant increase in investment in the reproduction of the labor force, as believe by supporters of the concept of human capital , the wage structure has changed noticeably. Most of it is supposedly a product of human capital. The worker’s wage itself is considered as a combination of the market price of his living labor and rental income from investments in human capital.

Korneychuk B.V. Human capital in the time dimension / B.V. Korneychuk. - St. Petersburg: Prospekt. - 2003. - p. 59.

Theorists of human capital believe that since investments in it exceed investments in physical capital, then, as a source of income, ownership of physical capital is relegated to the background. According to their calculations, if in 1950 the share of real capital accounted for 5253% of total capital, then by 1998 it was only 31-33%. The share of human capital over the same period rose from 47-48 to 67-69% (and in the USA even to 74-76%). Investment in education, health care and social security was already twice as high as private and public investment in fixed assets in 1970. By 1980 this was an excess

The PS became threefold, and by 2000 almost fourfold. In addition, there is a process of equalizing investments in people from different strata of society, which is becoming a major factor in reducing inequality in income distribution.

The founders and followers of the concept of human capital replace the concept of skilled labor with the term “human capital”. A number of important properties and activities associated with human abilities to work in their present highly developed state are attributed to human capital.

Conclusion

The concept of human capital is one of the most comprehensive in economic theory, which is due to the versatility of the human personality and the complexity of the impact on the socio-economic processes of this resource in modern society. The complexity of its interpretation and definition stems from the term itself, which unites the most complex and all-pervasive concepts that stand at the intersection of sociology, philosophy and economics: “man” and “capital”. The concept of human capital was formed in stages, expanding due to the increasing role of human knowledge, skills and qualifications in the production process. The development of the concept of human capital made it possible to analyze economic phenomena from the position of recognizing the priority of this resource in comparison with reserves of natural and material wealth, analyze the problems of economic dynamics and evaluate the wealth of a nation based on the effectiveness of investments in people.

Current production dictates a high level of qualifications, knowledge, culture, professional skills, and ability to handle modern technology. Innovation, flexibility and agility are key attributes of competitiveness in today's economy. It is not the previously acquired skills and dexterity that take the leading place, but a solid knowledge base and creative abilities. The growth of the educational and cultural level of workers acts as a necessary prerequisite for their adaptation to dynamically changing working conditions, especially during the period of structural restructuring of the economy. Systematic updating of science and technology requires appropriate knowledge and psychological readiness to make decisions and actions in non-standard conditions, a creative, proactive approach to business, the ability to take responsibility for the decisions made and their implementation. Therefore, the study of the problems of increasing the productivity of the labor force of people, who become human capital functioning in the production process, is put forward as a priority in modern economic analysis.

The quality of human capital is manifested in production terms and social relations; its extensive expansion is ineffective and leads to its loss, transformation into potential subject to obsolescence. What is important is the integration of human capital into the system of economic relations and its improvement through participation in production activities. Compliance with this condition leads to an improvement in the quality of an individual in relation to society, developing into a trend of social development, a positive social background, and stimulates the development of the human capital of the individual, creating a competitive advantage for himself in the human capital market. Human capital is created both in the public sector of the economy through the market mechanism, and in personal capital in the sense that the costs of labor and efforts for self-development and self-improvement play a decisive role in this process. Investment is the most important prerequisite for the production of human capital, but not yet its production itself, which is carried out in the process of activity, where the owner of this capital is either an object, a subject, or a result of influence. But these costs are then inevitably included in social costs in all reproductive activities process, because the accumulated stock of knowledge, skills and other productive qualities of a person can be realized and can be assessed only in society through the active work of their owner.In our opinion, today, in a certain sense, it is also relevant to include expenses on fundamental scientific After all, in the process of development of science, not only intellectual innovations are created, on the basis of which new production technologies and methods of consumption are then formed, but also people themselves are transformed as economic entities who act as carriers of abilities and needs. As a result of investment, human capital stimulates economic growth, the income and savings of citizens grow, allowing more and more funds to be invested in the development of human potential, which creates conditions for reinvestment in human capital and self-increase in its value. Thus, an increase in a unit of human capital leads to a complex multiplier effect on economic growth.

Education has the greatest impact on human capital, being, if not a guarantee of the material well-being of the owner of human capital, then an essential prerequisite for it. The health reserve of an individual increases, creating competitive advantages for himself in the human capital market, the period of productive use of human capital increases, and the intangible benefits received from education increase. There is a mutual increase in human capital in the student-teacher system.

For the owner of human capital, investing in it by lengthening the educational trajectory and improving skills is an increase in wages; for an employer, it is an increase in productivity and increasing the efficiency of an employee’s working time; for the state, it is an increase in GDP and achieving sustainable economic growth. Empirical evidence of the impact of education on economic growth is confirmed in practice: the migration influx of qualified specialists with a large supply of human capital is encouraged, in contrast to the movement of unskilled labor, which is a constant concern of the migration services of developed countries.

A qualified employee will ensure an increase in labor productivity and product quality, its competitiveness, and therefore an influx of external and internal investment. The active implementation of human personnel potential drives modernization processes, since the acceleration of the pace of modernization is based on the expansion of the range of structural areas for the reproduction of human capital. Disproportions in the development of individual industries negatively affect the development of human capital, for example, brain drain, which was especially pronounced in the post-Soviet years, is associated with structural deformations - the stock of human capital could not be fully realized or profitability did not correspond to the costs of its accumulation. Hence the massive movement of skilled labor to countries where the balance between investment costs and benefits from training meets the requirements of the owner of capital. Structural unemployment, which occurs with a relative overproduction of highly qualified specialists, can be avoided by developing branches of the knowledge economy: intellectual services, lifelong learning, healthcare. In the modern economy, qualified personnel are the most important and most expensive factor. It is this renewable resource that must be used to accelerate economic growth. The focus on motivating the population to reinvest in their own human capital expands the scope of highly qualified services, promoting employment, and accelerating the temporary turnover of total human capital. The level of innovative activity is developing in the workplace, which must be ensured by strengthening the information infrastructure, commercial and social benefits.

World experience shows that the growth of a country's human capital is achieved on the basis of a set of measures related to decisions in the field of increasing the level of education of various segments of the population, intensifying scientific research and improving technological processes. The adoption of such decisions is closely dependent on government policy for the development and implementation of strategic goals. The expansion of global competition for human capital marked the boundary between the industrial and post-industrial economies. The relationship between real production and intangible production has changed: the competitiveness of real production depends on the supply of human capital. What is needed is not isolated measures, no matter how radical they may seem, but the implementation of a systemic state policy that actively influences the reproduction of human capital.

Recognizing the need to work to improve the quality of education, experts propose, first of all, to determine the objectives of education, taking into account modern requirements. We are talking about both the quality of the knowledge provided (and here it is important to work both on attracting young teaching staff and on developing a system for retraining teachers, including providing them with greater opportunities for scientific activity), and on the level of creative training.129 The ability to solve non-standard problems , learn new things, search and select information, the ability to creatively apply non-standard solutions in your profession. Some business representatives express a similar position. Thus, I. Kuznetsov from Ernst & Young notes that having a good level of training is not enough: the ability and willingness not only to implement accumulated knowledge, but also to continue learning are important.130 In discussing ways to solve the problems facing the Russian economy today, one thing One of the most common proposals is a call for a sharp increase in investment in human capital as the main direction of social investment. However, the analysis done in the work suggests that the problem of investing in human capital is multifaceted and must be solved in a comprehensive manner. Government

129 Kulikova, S.N. Economic education: problems of quality and adequacy to the needs of the economy // Economic and social problems of Russia. -Lg°1. -2006. - With. 118

130 Udovichenko, M. Young non-specialists. :http//finaasmag.ru/l 1800-48k programs to accelerate economic growth should be based on the interests of the individual owner of human capital, interest him in investing and create conditions for return on investment. It is impossible to promote the investment and use of human capital by a separate economic unit through statements about activities undertaken nationwide, resulting in a gap between government statements, government programs and real life, rhetoric without the desired effect. Increasing the rate of domestic and foreign investment in human capital as such will not put our country on a trajectory of sustainable economic growth. The already accumulated human capital does not yet work effectively enough, as evidenced by the presence of excess education and low private rates of return on relevant investments. Thus, the main problem of the functioning of the Russian labor market at the present stage can be called the presence of imbalances in the professional and qualification structure of demand and supply of labor. Consequently, one of the most important problems facing Russian society is how to create conditions for the implementation of those competitive advantages that already exist. It is useless to invest huge amounts of money in education if this education is not in demand by the market and its owner cannot count on wages that exceed the level of less educated workers.

From the point of view of the concept of human capital, education will provide the greatest economic effect if the knowledge and skills acquired in vocational educational institutions meet the objective needs of the labor market and are applied in practice. Human capital realizes its functions as a factor of socio-economic development if conditions are created in national production for the formation and maximum use of the educational and qualification level of the population.

At the company level, the concept of human capital management will help to realize this task, when it is not a formal legal contract, but a social cultural environment that binds employees without limiting the freedom of their creative activity. The complex of modern production tasks requires a commonality of goals and values ​​between the employee and the organization, the individual and the team. Human capital management offers a model of a corporation's work, where each basic principle of the organization's work is connected with the personality-oriented goal of its employee, and the main task of management becomes the creation and support of a community of individual and collective goals, where the satisfaction received from work and increasing its efficiency throughout the corporation - the result of common efforts. Mastering the opportunities offered by the concept of human capital management will make it possible to lay the foundation for the future development of innovative technologies and the growth of intellectual intangible assets of the economy of the Russian Federation.

At the level of government regulation, it is necessary to increase the rate of return on investment in human capital, to motivate the owners of human capital with progressive wage rates, directly proportional to productivity, qualifications and level of education. Favorable tax conditions are also important to stimulate investment activity in the human capital market. In general, the state should support the trend towards a reduction in the share of investments from the federal budget and an increase in the influence of territorial budgets and private investors. Modern investment policy of the state should include: 1) determining the appropriate amounts of capital investments in human capital for a given period;

2) identification of priority areas of investment that have the maximum impact on economic growth;

3) establishing real sources of investment financing;

4) establishing ways (methods, incentives) to encourage subjects of the investment process to increase its efficiency;

5) switching economic growth from external to internal factors of economic growth: the foreign economic situation is changing, giving way to the domestic sales market, expanded due to an increase in total consumption - investments in human capital and services of upper divisions;

6) orientation in socio-economic development to areas of the economy where, in principle, a breakthrough is possible within a limited time: education, science, culture;

7) ensuring the priority development of education, science and culture mainly due to qualitatively cheaper, and possibly free, resources - internal motivations of a person, ensuring the prestige of post-material incentives - self-realization, interest, the prestige of education of workers, improving the moral sphere of the individual, leading to a reduction in transaction costs;

8) creation of new institutions and mechanisms for the dissemination of knowledge and educational services, free access to knowledge, rejection of intellectual rent;

9) pursuing a policy in the field of income generation that provides equal opportunities for consumption growth (or an end to the decline) for all segments of the population, reducing the shadow sector, establishing standards defining working conditions and their payment at a level that ensures the normal reproduction of a worker of this qualification (in in particular, due to the high progression of income tax, reducing business tax in order to increase the wage fund of employees);

Human capital in our country will truly begin to correspond to its categorical characteristics when the wages of an ordinary worker will actually have a significant rental part in the wages, in addition to payment for labor power. The path to creating cultural values, the most expensive resources of the 21st century - knowledge, technology, qualified personnel with innovative potential as the main strategic resource of the future. By creating this resource, Russia will be able to obtain the rest - industrial, agricultural, etc. both through domestic production and: through international cooperation.

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