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The Investment on Human Capital, and Its Connection to the Fourth Industrial Revolution. The Case of Romania

Andra Miculescu and Maria Oţil

Economia & lavoro, 2020, issue 1, 45-66

Abstract: The Fourth Industrial Revolution is basedon different pillars such as connectivity, smartinitiative in human capital (especially ineducation), integrative digital technology, anddigitisation of public services. We will presentsome key facts about foreign direct investment(FDI) and human capital in Romania, connectedto some characteristics of the Fourth IndustrialRevolution. This will allow us to do furtherresearch related to the connection betweenFDI, human capital, and the Fourth IndustrialRevolution.The starting point of the present paper is theidea that human capital and investment in humancapital, particularly in education, are consideredkey determinants of economic growth, and theirdevelopment can be connected to the FourthIndustrial Revolution.The study analyses two economic growthfactors: FDI and human capital; the latter isanalysed from the perspective of two components– a) health and skills of the workforce, and b) thequantity and quality of education –, taking intoaccount indicators that define the human factorfrom the perspective of the Fourth IndustrialRevolution. A composite index is calculated tohighlight the level of development of our country,as well as Romania’s place in the EU, regardingthe two components of the human capitalreferred to above.

Keywords: fourth industrial revolution; education; human capital; foreign direct investment; economic growth; competitiveness. (search for similar items in EconPapers)
Date: 2020
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Handle: RePEc:caq:j950ix:doi:10.7384/97665:y:2020:i:1:p:45-66