Online ISSN 2286-0266
Print ISSN 1223-0685
Copyright © 2020
Œconomica by SOREC
 
Silviu CERNA
Universitatea de Vest din Timişoara
The role of human capital in economic and social development is an old theme, although economists do not yet agree on its exact importance. The paper reveals the cognitive value of this concept, thus responding to the critics who believe that this terminology devalues human dignity, because it assimilates people with carriers of knowledge and skills similar to the parts of a car. On the contrary, the concept highlights the importance of the human factor in modern economies, based on knowledge and competence. In order to understand the functioning of these economies, it is necessary to distinguish between different forms of capital used in the economic activity – in particular, physical capital and human capital – and to study the interaction of these factors in the complex production processes. An essential conclusion that emerges from these researches is that large-scale economic development and well-being require investments in people, organizations, institutions or communities. These investments can help solve the problems faced by political decision-makers in recent decades, namely the slowdown of economic growth, the increase of unemployment and the deepening of income and wealth inequalities.

ŒCONOMICA no. 1-2/2020
Keywords: capacity, capital, growth, education, filter, signal
JEL: E24, I25, O15
The Human Capital: Economic Analysis of Education [Teoria capitalului uman: analiza economică a educaţiei]