Investment in human capital and its multiplier effect

摘要

The progress of the developed countries contributed to the formation of the new economy - the economy of knowledge, innovation, new technologies and business ventures. Human capital represents the foundation of this new economy. Changing role of human capital, transforming it from the element of the cost into the main productive and social element of the development has led to the necessity of forming a new paradigm of economic growth. In the proces of the transition from the industrial to the informational paradigm occurs the socio-economic relationships change, covering all spheres of human activity. Thus through the human capital is determined the efficiency and competitiveness of subjects at different levels. In the new paradigm of the global community development, human capital has a crucial place in national wealth (about 80% in developed countries). Research on human capital aimed both the concept itself and measureing the level of investment in human capital and the link between the latter and economic growth. Summarizing the basic approaches of the theory of human capital we can say: human capital represents a measure of individual skills and qualities made from investments which, used effectively, leads to increasing the productivity and the income. These capacities and qualities of individuals have contributed to the occurence and development of the new economy, have opened new horizons in the perception of economic phenomenon, based on innovative ideas that give rise to innovational economy. The particularities of the human capital in innovational economy have multiplicative value which consists of the fact that after the production process, the newly created value from the output exceeds its input. As a result, the author defines human capital as all social-economic relations regarding the formation and accumulation of knowledge with an multiplicative innovational effect.