Comprehensive Development of Human Capital as an Aspect of Innovative Economies

Abstract

Abstract: Rapid technological advances and mechanization of social and economic development depend on the intellectual capacity of the human capital, which has become the most influential factor in development of innovative products in this last economic structure based of the knowledge. The Global Innovation Index (GII) provides a tool for performance evaluation, assessing innovation capacity, and refining innovation policies necessary for optimum growth of the economy. The most critical problem of economies with a large young population has turned into a young and educated unemployed population. In this framework, the relationship between education and employment has transformed into different forms, and the key source of wealth has been the human capital factor. We assume that human life is on the services provided by all creatures in orchestration and the ephemeral lifespan is the ultimate human capital. This study argues that the structure of education and training must align with the community's futuristic needs considering both cultural and religious orientations in line with the competencies and professional expertise required for innovation that could be used for both the worldly life and the hereafter. This can require for change in the techniques and methods used in education that can train versatile, responsible, capable of reasoning, learning, forward-leaning, and facilitating understanding of the requirements.