Human capital as national wealth

Abstract

The subjects of the research are the retrospective and the modern approaches to the definition of human capital. The purpose of the work is to prove the need to include more indicators of human capital in the system of national accounts, as well as characteristics of human capital that are not directly related to its role in economic production. Thanks to the analysis of various approaches of international organizations to the definition of human capital, it has been established that despite the numerous difficulties in assessing human capital as an intangible asset, in the future there will be an expansion of the positions by which human capital will be included in the central structure of the System of National Accounts. It is noted that in domestic studies little attention is paid to the role of households as cells of society in which the production of human capital begins and new generations are socialized. Attention is drawn to the need for wider use of the concept of “human capital reserves”, which allows for a more correct comparison of both the characteristics of human capital of different regions and to take into account the impact of migration on human capital. In this regard, the approach of a number of researchers to the assessment of human capital on the basis of its depreciation has been subjected to reasoned criticism. In modern conditions, the quality of human capital in the country is also determined by the policy pursued to identify talents, in which STEM talents occupy a special place. It is concluded that for the Russian society and economy, the formation of human capital and improving its quality should become long-term goals, the achievement of which will help to reduce differences in the level of development of territories.