Educational and Innovative Elements of Human Capital and Their Impact on Economic Growth

Abstract

Human capital is an important factor for economic growth and the development of socio-economic systems. However, the appropriate expression of the value of human capital, the mechanism and its impact on economic development are still under discussion. It is hypothesised that there is a relationship between human capital and economic growth. To test this hypothesis, data on the group of Visegrad (V4) countries for the period 2000–2019 was analysed. The study examines the presence of a causal link between some attributes of human capital and economic growth and the conditions, under which its positive effects can be expected based on statistical methods. It also deals with the role and the applicability of some of its characteristics to express the impact of human capital on economic growth. The model revealed a positive, statistically significant relationship between gross domestic product per capita and the innovative capacity of human capital and the qualifications of employees. The impact of tools for human capital creation and development extends over a longer period and is reduced by the simultaneous action of other labour market factors. Currently, economies are affected by the Covid-19 pandemic. Corresponding changes are also noticeable in the way work is done, with more weight on the home office. It will be interesting to examine how this transformation will affect economic growth. The changes in the position of employees and the care of companies for human capital are also a good topic for further research that can be conducted every few years.