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HUMAN CAPITAL AS A COMPONENT OF AN INNOVATION-ORIENTED ECONOMY

The article explores human capital as an embodied and integrated resource of socio-economic development of the country, influencing the level and quality of life in society, the possibilities of sectoral and intersectoral development of the economy, given current global trends and national potential. It is determined that human capital is formed as a result of investment and accumulation of a certain reserve of health, knowledge, skills, abilities, motivations, which are appropriately used in a particular area of social reproduction, contribute to the growth of labor productivity and manufacturing efficiency. In the innovation-oriented economy it is important to create appropriate conditions for the formation and reproduction of human capital in order to transform basic human resources in relation to the formation of incentives for productive work, the growth of the welfare of the population, balancing social costs, ensuring sustainable growth of the national economy, etc. The modern stage of social development strengthens the role of the human capital as a component of innovation-oriented and sustainable economy, which determines the need to increase the efficiency of use of accumulated experience, adaptation of methods of research of the human capital development, as well as systematic use of professional competencies of society representatives. As a result, the concept of formation and development of the human capital, as well as its investment support and state regulation regarding sustainable growth of the labor productivity and reproduction of the human capital in accordance with modern requirements, in particular, globalization, Industry 4.0, digitalization, socialization is reconsidered. The modern structure of investments in human capital includes the following types of investments: the cost of education (the cost of general and special education, formal and informal education, the cost of training in the workplace), the cost of health care (physical and mental health), information search, migration, mobility, motivation, R&D, informatization, intellectual innovation, ecology and healthy lifestyles, culture and recreation. In this case, the availability of information to private investors or the population about promising areas of investment in the human capital is accompanied by a systematic receipt of profit, which maintains their interest for a certain period of time.