Factors limiting investment in human capital in Macedonia
Author:PhD. Dimitar Eftimoski
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DOI:
Keywords:Investment in human capital;
Human development;
Economic growth and development; poverty and inequality;
Economic policy
Abstract:
There is a strong link among investments in human capital, economic growth and human development.
Since human capital (improvements in the quality of human labour) is embodied technical progress in labour
(knowledge and skills), the economic development depends on advances in technological and scientific
knowledge, economic development depends on the investments in human capital.
The first part of the paper outlines the two key concepts related to investment in human capital - the basic
economic concept and the human development concept. The second part is related to the limitations regarding
the investment in human capital in Macedonia, expressed through four major dimensions: 1) poverty and
inequality; 2) economic policy; 3) absence of a clear link between economic growth (GDP per capita) and human
quality of life (HDI) and 4) the access of individuals to the capital market and to information.