The role of human capital and effective innovations for the economic growth of the country

Abstract

The article discusses issues related to the peculiarities of human capital development at the present stage of development of the federal districts of the Russian Federation. Each indicator contains various indicators that should reflect the specifics of the economic development of each region from the qualitative and quantitative side. The authors have developed an algorithm that allows you to distribute federal districts by rating Identifying weaknesses in the development of human capital in individual federal districts allows us to develop a set of measures aimed at creating conditions for ensuring a stable improvement in the quality and standard of living based on the advantages of federal districts. Like physical capital, human capital is devalued. For example, people’s skills and knowledge may decline with age or become obsolete due to technological progress and innovation. Human capital differs from physical capital in two important aspects. First, human capital is embodied in individuals and cannot be transferred from one person to another. Secondly, human capital is not a liquid asset; in other words, people can sell economic services provided by their human capital. Research in the field of human capital development will deepen understanding of the relationship between the quality of human capital and the pace of economic growth, develop measures to improve the quality of labor resources and reduce unemployment, as well as propose measures to accelerate innovation processes and the introduction of advanced technologies in the regions of the Russian Federation.