The impact of stimulating the development of Human Capital on Economic Development

Abstract

Human capital is a significant ingredient of economic development. Today, the concepts of human capital have been defined as the knowledge, skill, creativity, and health of the individual. The long-run impact of human capital on the current innovation and economic development is still a question, therefore, the interest in research to explore the contribution of human capital in economic development is being increased. The production and processing of knowledge are directly related to educated and healthy manpower. Educated and healthy people is one of the most important factors in the models, namely the power of human capital, the development of the economy.

In this study, I will use the qualitative methodology to examine the relationship between human capital and economic developmentThe most important difference between developed and underdeveloped countries is the level of economic development. The biggest obstacle to the development of underdeveloped countries is low education level, lack of health conditions and brain drain. These factors prevent the accumulation of human capital in underdeveloped countries and cause waste of resources in the country.

Taking into account these factors, the main purpose of the study is to study the impact of human capital development on economic development in Azerbaijan