Human capital: the need to be evaluated

Luminita Gogan

Review of Applied Socio-Economic Research, 2014, vol. 7, issue 1, 52-60

Abstract: In this millennium, managing turbulent economic environment has become an important task for the nation, whose essential and primary purpose is to obtain competitive advantage. The progress of developed countries contributed to the formation of the new economy, knowledge economy, innovation, new technologies and business ventures. Human capital is the foundation of this new economy. The changing role of human capital transformation of element cost in the main productive factor and social development has led to the necessity of a new paradigm of economic growth. In the transition from the industrial to the information paradigm change occurs social relations economic, covering all spheres of human activity. Thus human capital is determined by the efficiency and competitiveness of subjects at different levels. In the new paradigm of global community development, human capital has a role in national wealth. Researchers have pointed that the human capital is the core competency of the nation and has the capacity to gain sustainable competitive advantage. The purpose of this article is to develop an evaluation model based on a qualitative and quantitative index system of human capital, so as to provide a good tool for country to manage their human capital. A case study found that there is a significant relationship between the scores of the human capital elements of a country and its performance, which proves the validity and rationality of the human capital model and the qualitative and quantitative index system.

Keywords: human capital; indicators; nation; .; JEL; Codes:; . (search for similar items in EconPapers)
JEL-codes: E01 E22 (search for similar items in EconPapers)
Date: 2014
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