engleski

Analysis of the relationship between the human capital and economic development

At the present time of rapid change in political, economic, cultural and technological environment, any new knowledge, any new skills is worth a lot more than it was worth before, therefore, labor force together with their skills, knowledge and abilities (human capital) should be the focus of development and improving countire's competitiveness. The contribution of human capital to a country (skills and abilities that people have and that they productively use) can be a more important determinant of its long-term economic success than any other resource. This resource must be effectively invested to generate return for the individuals involved and for the economy as a whole. The aim is to point out the growing need for investment in human capital, which nowdays with equal technological development makes a huge competitive advantage because the technology is so advanced and it is available to everyone so that they can create a short- term advantage, but the long-term human capital is what gives strength to companies and countries. Education is one of the key factors of economic development and what should be effectively carried out in order to lay a foundation for further progress.

human capital, human development index, education, competitiveness, GDP p.c.

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