ECONOMICS

DOI: https://doi.org/10.62204/2336-498X-2023-1-1

RETROSPECTIVE OF THE HUMAN CAPITAL THEORY

DEVELOPMENT

Nataliia Ivanova,

Candidate of Economic Sciences, Associate Professor,

National University of Kyiv-Mohyla Academy, Ukraine,

n53ivnova@gmail.com; ORCID: 0000-0003-4182-5829;

Artem Horilyi,

postgraduate student,

National University of Kyiv-Mohyla Academy, Ukraine,

 a.horilyi@gmail.com; ORCID: 0000-0003-2043-5768

 

Annotation. The challenges that Ukraine has faced in recent years have created a real threat to its existence. To effectively counter the current situation, it is required to find resources that would allow Ukraine to win the war, recover and become a free and economically developed state. One of these extremely important resources is human capital.

The evolution of the human capital theory in the works of world and domestic scientists is investigated in this article. The main components of human capital and their importance in the multiplication of national wealth are highlighted. It is demonstrated that the origins of the evolution of the human capital theory reach the works of ancient thinkers. However, the design of the concept into a separate human capital theory took place only in the 60s of the XX century. It has been established that representatives of all schools and directions in economic science agree that human knowledge and abilities are one of the most important sources of the nation’s wealth, and investments in science and education are the most promising and profitable. All these improvements serve as the important information base for modern economic science and determine the prospects for further study in this direction.

Keywords: human capital, human capital theory, evolution of human capital theory.

 

Introduction. The economic development of a country and its human capital are closely interconnected. Human capital has impact on the economic growth of a country and can contribute to the development of its economy by expanding the knowledge and skills of people. Human capital has already become the leading factor of production and occupies about 70% in the structure of the national wealth of developed countries, although in the middle of the 20th century it accounted for only 48% of the national wealth. The fact that human capital makes up the largest part of the wealth of countries with a high level of economic development, regardless of their other particularities, suggests that investing in human capital is a sound development strategy for countries. Such a significant increase in the share of human capital in national wealth is primarily due to the formation of a knowledge economy, which is the highest stage in the development of a post-industrial society. The human capital development is especially important inUkraine, which in 2022 took 57th place in the global innovation rating [1], and the human capital index of Ukraine in 2020 was 0.64 [2]. The studies conducted by scientists from the Ukrainian Institute for the Future show that there is a strong link between human capital and economic growth and the human capital development can help stimulate the economy. People with the best skills, the highest level of education, are in demand in the labor market and are capable of high social mobility, not only provide better labor productivity and create more high value-added products, they also receive higher incomes, respectively, spending more as well, which further stimulates the growth of the domestic market and provokes the economy. The human capital development is the correct and effective way of economic recovery and sustainable growth of Ukraine. After all, people are the main capital of the state. The above confirms the importance of developing the human capital theory, which provides the methodological foundations and theoretical basis for the successful formation and human capital development.

Study analysis and problem statement. The human capital theory is a scientific way of understanding socio-economic processes in society regarding the formation and human capital development, the organization of the use of human resources, human potential in the production of social wealth, the creation and appropriation of income by different social groups of people. The emergence and development of conceptual ideas and provisions of the human capital theory goes from the origins of the development of political economy to modern studies.

Both foreign and domestic researchers dealt with issues of human capital. The most prominent representatives of the definition of the human capital essence were American scientists, Nobel laureates T. Schultz and G. Becker. The creation of a theoretical basis for the study of human capital was facilitated by the works of W. Petty, A. Smith, D. Ricardo, A. Marshall, I. Fisher, F. Liszt, T. Veblen, R. Coase, D. North et al.

It should be noted that domestic scientists were engaged in theoretical and practical aspects of the formation of human capital. Thus, the works of A. Grishnova, D. Bogini, N. Dovbenko, A. Nosyk, N. Stativka are devoted to the methodological understanding of the category of “human capital”, structuring, periodization and systematization of economic ideas of classical political economy and institutional theory, the development of their theoretical foundations, L. Tertychna, D. Melnychuk, N. Glikova, V. Antonyuk, B. Danylyshyn, G. Proshak, A. Stefanyshyn et al..

However, according to the authors, the issue of developing the human capital theory and its application in the field of public administration and the formation of human capital remains more relevant than ever.

The purpose of this article is to study the process of emergence and development of the modern human capital theory, to analyze modern scientific approaches to this category, to reveal the key conceptual provisions of the human capital theory.

To achieve the goals set, the following methods were used: historical and logical methods to clarify the patterns of formation and development of the human capital theory, the evolution of its formation; system analysis to establish the essence of the main characteristics of human capital; functional system method for the analysis of worldand domestic experience in the human capital development; abstract-logical method for formulating general conclusions and study results.

Study results. The prerequisites for the emergence of the human capital theory can be divided into two components: objective and subjective. The objective prerequisites include: the growth of interest in the labor sphere after the Second World War; scientific and technological revolution of the 60s of the XX century; intellectualization and informatization of production processes; the growth of the role of a person’s personality, its level and scientific knowledge, experience and qualifications; sharp competition between the largest states for superiority in the scientific field and dominance in the economy; focusing on the problems of creating a qualitatively new labor force; increasing the role of professional and qualification training of an employee, etc. The subjective prerequisites include the development of classical economic theory (XVIII century); neoclassical direction of economic thought (XIX century); human capital theory (twentieth century).

Even Plato in his treatise “The State” noted that “people have a different nature, as well as abilities for this or that business” and “every business can be done not only in more quantity, but also better, making less effort when doing it for their natural abilities” [3, p. 60]. Aristotle also pointed out the various natural abilities of people, who noted that those who own any art are wiser than those who have experience [4]. In the treatise “The sum of theology “Thomas Aquinas noted the importance of human intelligence. He valued spiritual, mental work, emphasizing that only the intellect captures the essence of things. Thus, he put mental work above physical [5]. A. Montchretien in his work “Treatise on Political Economy” wrote that for the revival of the country’s economy, among other economic measures, it is important to improve the quality of labor, which occurs through the use of vocational training of people [6].

All these developments were further developed in the works of representatives of the classical economic school W. Petty, A. Smith, D. Ricardo. Specifically, they laid the methodological foundation of the human capital theory . W. Petty in his “Political Arithmetic” was the first to attempt to investigate the influence of knowledge and education on economic phenomena and processes. His developments on the quantitative assessment of the country’s economic potential and national income have taken a special place in the development of the methodology of economic science [7].

1. Smith’s doctrine of the social division of labor contributed to the definition of the role of labor as a function of man in the production of society’s wealth. In his work “A Study on the Nature and Causes of the Wealth of a Nation”, he noted that the work that an individual learns will allow him to realize his human capital and reimburse him for all the costs of education [8]. In his works, A. Smith explores the model of economic man and speaks of productive and unproductive labor. In his opinion, it is fair that the wages of craftsmen, artisans and manufacturing workers in Europe are somewhat higher than the wages of ordinary workers involved in agriculture [8].

The representative of school A Smith, D. Ricardo continued to consider the problem of reproduction of human abilities. According to the point of view of D. Ricardo, thevalue of goods is determined not by how much product can be bought on the market, but by the amount of labor embodied in them by the costs of producing a particular product. As for the process of production of human abilities, he considers a set of costs for their creation, and also determines the role of education in shaping the country’s wealth [9].

The theory of labor force reproduction by K. Marx became the development of the concepts of A. Smith, D. Ricardo and other representatives of classical political economy on the human capital theory. In his work “Capital”, K. Marx added a detailed definition of the concept of “labor force”, by which he understands the totality of physical and spiritual abilities that an organism possesses, a living personality of a person and which he uses whenever he produces certain consumer values [10].

It should be noted that representatives of economic schools of the late XIX and early XX centuries in their works analyzed the nature of man and his/her abilities quite widely. The opinion that a person can be considered capital became more and more popular. Further, this approach is developed within the framework of neoclassical economic theory and, first of all, it concerns such areas as health care, education, family economics. We are talking about the neoclassical human capital theory , which was formed and developed in their works by A Marshall, M. Blaug, G. Becker, B. Weisbrod, J. Mintzer, R. Nelson, J. Heckman, R. Layard, F. Welch, B. Chiswick, R. Lucas, E. Phelps, T. Schultz, L. Walras, G. McLeod, S. Walsh, I. Fischer, S. Huebner and many other researchers.

1. Schultz was the first to publish scientific works on the human capital theory. We are talking about the works “Formation of the capital of education” and “Investment in human capital”. In them, the scientist argues that investing in human capital will provide a significant increase in output and will become a source of growth in future earnings or satisfaction. He noted that a person acquires the properties of capital only after spending on it, aimed at improving the quality of his work. In his work “Investments in Human Capital”, T. Schultz placed special emphasis on the issues of the influence of the educational level on the level of economic growth, the effectiveness of investing in a person [11].

When justifying the need to invest in human capital to generate added value in the future, Schultz focuses on five main areas: 1) medical institutions and services, including all costs that affect life expectancy, endurance, strength and vitality of people; 2) on-the-job training; 3) formal education at primary, secondary and higher levels; 4) training programs, in particular in agriculture; 5) migration of people and families to adapt to changing jobs. In addition to education, T. Schultz notes, the costs of this activity should also be attributed to human capital [11].

The concept of human capital was significantly developed in the works of G. Becker, who in 1964 published the scientific work “Human Capital: Theoretical and Empirical Analysis”, for which he was awarded the Nobel Prize in Economics in 1992 [12]. G. Becker singles out knowledge, production skills and motivation in the human capital of an individual. The increase in investments in the training of future specialists and the training of qualified workers, he believes, can bring in the future no less profit than the cost of machinery. Combining traditional and alternative interpretations and using economic approach based on the principle of rational behavior of individuals, G. Becker defined human capital as a set of innate abilities and knowledge, skills and motivations, the arbitrary use of which contributes to increase in income (at the level of an individual, enterprise or society). However, knowledge, skills and abilities in themselves are not human capital, they become it when they begin to generate income. The views of T. Schultz, E. Dolan, J. Lindsay et al. closely converge with this position.

Common in the views of representatives of the neoclassical school is the following: a person and his/her abilities, knowledge, skills are considered as capital capable of generating income for its carrier, in addition, the development of such capital is possible only if it is invested  . This statement is based on the following arguments: firstly, the motives that encourage a person to accumulate human capital in the form of contributions to education, similar to those that determine the accumulation of material capital; secondly, the cost of raising and educating a person is a real cost; thirdly, the work of an educated person is more productive, which means that spending on education increases national wealth.

At the end of the ХІХ century, the school of institutionalism emerged from the neoclassical trend and the German historical school. To date, the classification of “Institutionalisms” has been extended into early (traditional) institutionalism and modern (new) institutionalism, represented by two main currents: neo-institutionalism and new institutional economic theory.

The emergence of traditional institutionalism is associated with the works of T. Veblen, J.R. Commons, W.L. Mitchell and J.K. Galbraith. T. Veblen, considering the ways of formation and evolution of various social institutions, formulates a peculiar model of a person, which is fundamentally different from the model of “economic man” that prevailed in the economic science of that time.

According to T. Veblen, some innate instincts lie at the basis of human behavior: parental, i.e.. According to some researchers [14, 15], the new institutional economic theory creates methodological prerequisites and provides certain tools for the human capital development. The methodology of the new institutional economic theory is based on clarifying the types and nature of institutions with the help of the interests and behavior of individuals who use them to coordinate their activities. The individual becomes the starting point in the analysis of human capital institutions. In turn, the features of choice theory depend on the use of the concept of rationality (full or limited).

It must be emphasized that representatives of institutionalism do not offer a new approach to the definition of the category of “human capital”. They noted the need to use the achievements of the social sciences (sociology, psychology, anthropology and law), supplemented the “hard core” of neoclassical theory with the concepts of collective actions of institutions, economics of expectations, incomplete information, etc.; approached the definition of the tasks of economic science in a new way. For example, the founder of the socio-psychological direction E. Veblen believed that the task of economists is to study the norms, customs and habits, as well as their evolution in order to interpret decisions made by economic agents under any circumstances. Thefounder of the socio-legal direction of institutionalism, J. Commons, focused on the analysis of the legal foundations for the functioning of the economic system. In the future, the human capital theory was developed by such well-known foreign scientists as M. Fischer, M. Blaug, L. Turow et al.

However, according to Ukrainian researcher D.A. Tereshchenko, despite different approaches, the basis for combining the above theories and schools into a single institutional direction is the similarity of methodology, which is characterized by an emphasis on change, the principle of combining economic and humanistic approaches to the definition of the concept under study, the dynamism of public (economic, political, social and cultural) structures and society as a whole and the use of a similar categorical apparatus with special reliance on “social institutions” [16].

Summarizing the above, it should be noted that the works of representatives of classical political economy, neoclassical and institutional theories act as a theoretical basis for a deeper understanding and allow us to determine the main methodological features of the human capital theory, notes D.A. Tereshchenko in his article “The Genesis of Scientific Approaches to the Human capital theory “:

1. Using the interdisciplinary approach to consider the processes of formation and human capital development with the involvement of data from psychology, philosophy, political science, sociology, etc.;
2. Compliance with the principles of methodological holism (integrity), historicism (identification of the main trends in social evolution, driving forces and factors of development); institutional determinism (the degree of development of institutions is considered both as a determinant of development and its stabilizing factor);
3. Focusing on the determining role of the state in the process of transforming institutions for the human capital development, on the change and mobility of individual components of human capital; awareness of the need for purposeful investment in a person and the study of the problems of public administration in the formation and human capital development;
4. Understanding society as the organic whole, consisting of separate groups and institutions, each of which plays its own functional role; strengthening in the methods of study of “human dimensions”, attention to the real, and not to the “economic man”; refusal to understand the market as a neutral and universal mechanism for allocating resources; requirement of social control over social infrastructure;
5. Combination of economic and humanistic approaches to the definition of the concept under study [16, pp. 97-98].

As for domestic study, the human capital theory has received wide recognition among scientists. The beginning of the study of the problem of human capital by Ukrainian scientists and the development of this theory in the context of the characteristics of national socio-economic development dates back to the second half of the 90s. In modern Ukrainian economic literature, human capital is considered as a fundamental category. Questions of the essence, structure, trends in the formation, development and accumulation of human capital in the domestic scientific literature are considered by V. Antonyuk, V. Bliznyuk, O. Borodina, N. Glikova, A. Grishnova, D. Boginya, B. Danylyshyn, G. Zelinska, I. Kaleniuk, V. Kutsenko, L. Tertychna, A. Chukhno et al.

The comprehensive Socio-economic analysis of the category “Human capital” was carried out by A. Grishnova. In the monograph “Human capital: formation in the system of education and training” the author conducted a deep study of the essence of the category of human capital, analyzed the current state and development trends of human capital in Ukraine, substantiated the economic role of education and training for the formation and accumulation of human capital, considered foreign experience economic support of education, the influence of the level of education on employment and the amount of income of workers has been studied. According to A. Grishnova, human capital is the economic category that characterizes the totality of the productive abilities, personal traits and motivations of individuals owned by them that have generated and developed as a result of investments, are used in economic activity, contribute to the growth of labor productivity and, due to this, affect income growth (earnings) of the owner and state income. [17, pp. 16-17]. Therefore, in her opinion, human capital is the category that should take its rightful place in the domestic economic culture.

Some Ukrainian researchers have noted the relationship of social and economic phenomena in the definition of human capital. Thus, Kutsenko and Yevtushenko consider human capital as “a set of knowledge, abilities and qualifications, as the ability of a skilled workforce to create profit in the form of a part of the wages and profits of enterprises” [18, p. 136].

1. Borodina considers human capital as a set of invested socially expedient production and general human skills, knowledge, abilities possessed by a person, which belong to him/her, are inseparable from him/her and are practically used in everyday life [19, p.51], adding that human capital is intangible goods of long-term use, which are accumulated and realized as a result of the creative activity of people over time.

In her publications, I. Kaleniuk considers the concept of human capital in terms of social and economic positions. She notes that a person himself cannot be an object of economic analysis, an assessment of human value, therefore it should not be reduced to an economic category, and the stock of knowledge, skills, abilities and other qualitative social characteristics should not be interpreted as human capital, since the category “capital expresses a system economic relations. According to her, “only the inclusion of a certain set of abilities and acquired knowledge of a person in the corresponding system of socio-economic relations allows us to identify them as capital.” Based on the above. And Kaleniuk gives the following definition of human capital: “It could be defined as a value advanced and materialized in the form of a stock of knowledge, information, experience, skills, motivations and health, which have the property to bring more income” [20, pp. 67-68].

1. Golikova also interprets the concept of human capital in a socioeconomic context, namely as the value of a stock of abilities, experience and knowledge involved in the management system and capitalized on the basis of employment relations, capable of generating added value (profit) [21, p.9].

She notes that the category of “human capital” arises in the conditions of the formation of the information-technotronic economy, in which talent, abilities and knowledge become the main production resource. Conducted by N. Golikova microanalysis of the economy of Ukraine led to the conclusion that the main reason for the significant decline in production in 1991-1998. there is the underutilization of human capital, its organizational, political and organizational and technical capabilities: miscalculations in the organization of the management of the transition to developed market relations and free enterprise, a policy of ignoring the factors of technological progress and, as a result, underutilization of production capacities, shutdown of enterprises, unemployment and devastation in general. However, N. Golikova proves that since 2000 a new quality of human capital has been emerging in Ukraine: the proportion of university graduates in socio-economic disciplines has increased significantly, which contributes to improving the quality of management of both public and private enterprises, but the fixed assets that are introduced into operation, which does not compensate for the reduction in labor resources in GDP growth, which indicates their insufficient productivity.

1. Tertychna is also engaged in the study of social problems of human capital formation. In her publications, she analyzes the relationship between innovative development and human capital, taking into account the socio-economic state and the specifics of the processes of transformation of society in Ukraine; considers the features of the main types of investment in human capital and the factors affecting its formation and functioning in the domestic economy, since investments in human development at all levels are an effective source of growth not only in the economy, but also in the standard of living, which will provide Ukraine with a worthy place in the world of civilization [22, p. 179].
2. Zelinska investigates the regional features of the formation and implementation of human capital, its various components, namely: demographic, educational, environmental, and labor. With the help of an expert survey of young people in higher educational institutions of Ivano-Frankivsk, conducted by a scientist, a connection between the market of educational services and the regional labor market was established [23, p.9].

The significant contribution to the development of the modern concept of human capital was made by V. Antoniuk. In the monograph “Formation and use of human capital in Ukraine: socio-economic assessment and ensuring development”, the scientist presents the results of a comprehensive study of the socio-economic foundations of the formation of human capital in Ukraine and the results of its functioning, determines the ways of its accumulation and effective use; provides an assessment of the amount of human capital in Ukraine and its impact on the economic, innovative, and social parameters of the country’s development; analyzes the sources and volumes of investments in the human capital of Ukraine at the macro and regional levels; determines directions of increased interest of the state, enterprises and the population in increasing investments in human capital [23].

Analyzing the evolution of the human capital theory, it is worth emphasizing that it occurred simultaneously with the understanding of the essence of such categories as “capital” and “human capital”. Yes, Davidyuk T.V. in the article “Analysis of the category “human capital” in relation to the etymology of the concept of “capital”” notes three approaches to the essence of capital. The first approach: determination of the material capital base. Representatives of this approach define capital as a set of means of production. The second approach: definition of capital from the point of view of its monetary nature. Capital is considered as a collection of various forms of money, securities, the movement of which generates income in the form of interest. And the third approach: definition of capital as a social relation. Representatives of this approach consider capital as a relationship between people in the process of production based on property relations regarding the reproduction of the economic system and profit, regulated by the system of interests of the subjects of such relations [25].

In accordance with the change in the essence of the “Capital” category, there is a change in the place of human capital. Thus, the physiocrats point out that a person is the owner of “labor power”, a participant in labor activity, which is ensured by the right to property capital. A. Smith defines human capital as the acquired or useful abilities of all residents or members of society, that is, human capital is part of the basic capital. Zh.B. Sei points out that human capital is entrepreneurial abilities that are involved in the creation of value in the production process and create added value, that is, they are also part of fixed capital. K. Marx talks about a specific commodity “labour power”, the feature of which is the ability to create added value greater than its own, which is a consequence of the functioning of labor power, its union in the production process with the means of production. And Fisher refers to capital as any ability, special capabilities and characteristics of a person [25].

Summarizing the results of the study of the evolution of the human capital theory , M. Khromov gives the following definition: “Human capital is a socio-economic category that characterizes the totality (system) of social relations by appropriate, conscious and professional use in the process of production and formation of new value in a certain economic sphere activities acquired naturally, formed and developed as a result of investments, embodied in a person and accumulated by him certain reserves of health, knowledge, abilities, skills, experience, motivations, own personal qualities and other productive abilities that belong to him by property rights, which contributes the growth of labor productivity and incomes of the subjects of the process of using human capital and the person itself, as well as the achievement of the ultimate goal of social development – increasing human well-being, socio-economic development of society and human development in general” [26, pp. 170 – 171].

So, the human capital theory defines the goal of national production to ensure the quality of life, that is, the creation of conditions for the all-round development of a person, emphasizes A. Chukhno, thereby identifying it with the theory of human development [27, p. 95]. At the same time, G. Mankiv believes that “human capital is the knowledge and qualifications that employees receive through education, from initial children’s programs to on-the-job training” [28, p. 144].

In the article devoted to the genesis of scientific approaches to the human capital theory, D.A. Tereshchenko notes that “the works of representatives of classical political economy, neoclassical and institutional theories serve as a theoretical basis for a deeper understanding and allow us to determine the main methodological features of the human capital theory ” [16, p. 97].

Conclusions. Over a long period of study, the human capital theory has undergone certain changes and it would be more expedient to qualify them as the gradual development of economic science. On the basis (and not in contradiction) of the foundations of classical political economy, T. Schultz and G. Becker proposed a scientific justification for the new economic category “human capital”. During the last decades of the 20th century, Western economists developed a methodology for studying human capital. The human capital theory has undergone further development in the scientific works of modern researchers, including domestic ones. The most conceptual characteristics of human capital as the economic category were developed, its interrelations with other economic categories were studied, cost aspects of evaluation, features of formation in modern conditions of socio-economic development, etc. were proposed.

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