THE ROLE OF HUMAN CAPITAL IN ECONOMIC INNOVATION SYSTEMS

Аннотация

Growth dynamics of modern innovation and information economy, both global and local, is not
determined by a simple increase in production in all sectors, and that part which is generated by a variety of
innovative and qualitative changes in the production process of goods and services. Further intensification of the
innovative process in recent decades due to the formation of a new type of economic development based on the
continuous change of the production base, and the nature of the products with the continuous creation of
fundamentally new technologies as well as new types of goods and services. In the context of globalization,
tightening the competition in the world market actualizes the problem of innovation and quality competition. This
innovation has become the main vector of economic development (Ivanov N., 2013). The purpose of our research is
to define and reveal such notions as human capital, economic innovation, economic structure, economic
development, productive capital, innovation, innovative process, economic growth, and labor force. The article
directs to study and reveal the role, impact and significance of human capital for economic innovation and
development, to find out and explain the notions of human capital theory and the origin of human capital. The main
reason for this research is the growing awareness of the fact that human resources and their interconnection are
crucial for the activities of any entity, be it a firm, nation, economy or global economy. In their search, scientists
tried to obtain an objective understanding of these concepts and compare these soft forms of capital with the
traditional idea of capital as a factor of production in the economy. Continuing education and activization of creative
opportunities concerns not only individual employees, but the team as a whole. It is about the formation of the
intellectual capital of the company, as part of its intangible assets. The intellectual capital of the company and the
country as a whole becomes a prerequisite for the inclusion of companies and countries in the global economy with
the greatest benefit for the country and the standard of living of its citizens. The intellectual capital of the company
and the country as a whole becomes a prerequisite for the inclusion of companies and countries in the global
economy with the greatest benefit for the country and the standard of living of its citizens. The human factor
determines the country's competitiveness in the global economic system. Studies have led to the conclusion that the
basis of modern competitive countries is the availability of innovative systems and human resources.