Open AccessThe human capital rationale behind the economic growth of the European Union countries: application of the advanced methods to enhance an efficiency of national human capital stocks
Author(s) -
Iuliia A. Stabinskaite,
Стабинскайте Юлия Александровна
Publication year - 2019
Publication title -
vestnik rossijskogo universiteta družby narodov. seriâ èkonomika
Language(s) - English
Resource type - Journals
eISSN - 2408-8986
pISSN - 2313-2329
DOI - 10.22363/2313-2329-2019-27-1-35-48
Subject(s) - human capital , european union , productivity , economics , economic system , capital (architecture) , economic capital , capital deepening , physical capital , total factor productivity , financial capital , business , international trade , macroeconomics , capital formation , economic growth , geography , archaeology
Human capital is an important factor of economic growth, as has been underlined by recent theoretical models. The main goal of this article is to elucidate the relationship between human capital and dynamics of economic growth in the European Union (EU). For the purposes of this article human capital is defined as knowledge, skills as well as other individual factors which lead to higher productivity. Therefore, the greatest attention is focused on the multi-dimensional assessment of human capital in the processes of economic development of the European countries. A detailed evaluation of human capital in the EU is represented at interregional and international levels. Furthermore, author suggests a guidance for designing and planning strategies aimed at sustainable economic development by using the model predictive control algorithms.