THE EVOLUTION OF HUMAN CAPITAL THEORY

Abstract

The development of the leading countries of the world has led to the formation of a post-industrial economic system based on knowledge, innovation, global information systems, a new quality of education, and new technologies. One of the pillars of the new economy is human capital, which is an important factor in the socio-economic development of modern society. There are many definitions of the term "human capital". Summarizing the definitions existing in the economic literature, we can say that human capital is a stock of health, knowledge, skills, motivation accumulated as a result of investments, which is used in the labor process, ensuring productivity and income growth. The theory of human capital was formed within the framework of the conceptual foundations of the new classical theory and was further developed by various researchers who enriched the theory of human capital with the achievements of institutional, behavioral, evolutionary and synergetic theories. The origin of the theory of human capital was associated with a rethinking of the role of man in the post-industrial economy, since a person could no longer be considered as an "appendage" of capital. If in the pre-industrial period land was the most important factor of production, and capital in the industrial economy, then human capital becomes the most important factor in the post-industrial economy as the paradigm of development of economic growth, human intellectual and creative potential changes. abilities become a source of development.