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Factors of human capital modernization in the context of institutionalization of information economy

Author

Listed:
  • Maryna Radieva

    (Melitopol Institute of Public and Municipal Administration of the Classic Private University, Melitopol, Ukraine)

  • Viktoriia Kolomiiets

    (Melitopol Institute of Public and Municipal Administration of the Classic Private University, Melitopol, Ukraine)

Abstract

The constant institutional transformations of society make it necessary to study their influence on the development of human capital and the dependence of the development of human capital on the conditions of institutionalization of the information economy. The aim of this scientific work: to identify the existence of a dependence of the development of human capital on the institutionalization of society in the information economy, to build correlation-regression models of the dependence of the development of human capital on the level of development of the country's institutional system in the information economy. The study has proved the hypothesis that there is a relationship between the human capital index and the development of the country's institutional system. The selection of indicators describing the dependence of the development of human capital on the development of the country's institutional system in the information economy, which included political, legal, economic, social, institutional, using an expert analysis method, is carried out. For a multifactorial phenomenon, as the dependence of the development of human capital on the level of development of the country's institutional system in the information economy, the methods of multiple correlation and regression analysis are used. The study was conducted for 157 countries of the world for which the World Bank determined the country's human capital index in 2018. As a result, correlation equations are constructed that give the dependence of the development of human capital on the level of development of the country's institutional system in the information economy. They should determine the feasibility of material costs for the development of a separate factor of the influence of the institutional system for the development of human capital. The constructed models have shown that the greatest correlation between the human capital index and the selected indicators of the country's institutional system development exists: for countries with a high human capital index and high gross national income per capita – government labor costs, tax burden; for countries with an average human capital index and with an average gross national income per capita, to which Ukraine belongs, – freedom of the labor market, protection of property rights; for countries with a low human capital index and low gross national income per capita – effectiveness of the judicial system, government decency. The study of the dependence of the development of human capital on the development of the institutional system will interest not only the scientific layers of countries, but also state and government institutions

Suggested Citation

  • Maryna Radieva & Viktoriia Kolomiiets, 2019. "Factors of human capital modernization in the context of institutionalization of information economy," Virtual Economics, The London Academy of Science and Business, vol. 2(4), pages 26-45, October.
  • Handle: RePEc:aid:journl:v:2:y:2019:i:4:p:26-45
    DOI: 10.34021/ve.2019.02.04(2)
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    File URL: https://virtual-economics.eu/index.php/VE/article/view/33/35
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    Keywords

    Human capital; human capital index; institutionalization; institutional system; information economy;
    All these keywords.

    JEL classification:

    • E02 - Macroeconomics and Monetary Economics - - General - - - Institutions and the Macroeconomy
    • E14 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Austrian; Evolutionary; Institutional
    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity

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