Evaluation of human recourses in the context of knowledge economy

Vilda Giziene, Zaneta Karazijiene

Research output: Contribution to journalArticle

Abstract

Knowledge undoubtedly makes essential impact to the processes of development. While creating and adapting knowledge new public and economic phenomena are being formed. There are a lot of discussions about coherence between human recourses and knowledge economy. Scientists, politicians, public figures almost unanimously acknowledge that in nowadays the speed of economic growth, social welfare of the people, sustainable economic development is more and more dependent, and will be even more dependent in future from the creation of a new knowledge and its practical appliance in the management of processes. Human capital plays an important role in economic growth theory, because economic and social development of the state is closely connected with investments into human capital. Formerly economic efficiency was measured only according to the criteria of physical capital. Scientists – economists of latter century pay great attention to the human capital, its importance and necessity to the modern state and economic growth. The scientists propose that the welfare of a state and an individual is impossible without investments into human being. It is even possible to define education as one of the crucial factors of economic growth. Human capital is a broad concept, which covers plenty of components. But the most important component is description of workforce quality. Any action, that increases the productivity of labour market, may be considered as the investment into human capital. Whereas great recourses (in the long run) are targeted to the resolution of these questions, in respect of all the parties concerned, the results of such evaluation would enable to balance the policy implemented in the areas of education and rise of qualification. Therefore it is very important to evaluate the efficiency of these investments. [...]
Original languageEnglish
Pages (from-to)311-322
JournalEconomics and management = Ekonomika ir vadyba
Volume1
Issue number17
Publication statusPublished - 2012

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Keywords

  • Knowledge economy
  • Human capital/resources
  • Knowledge society

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