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Concept of Human Capital in the Context of Transition to the Wisdom Society


  • Vovk Volodymyr A.

    () (Kharkiv National University of Economics)


The goal of the article is to study factors that determine a necessity of expansion of the essence of the "human capital" notion in the context of changing priorities of economic growth and transition to the "wisdom society". The article reveals, in the result of the analysis, that wisdom becomes the priority at the modern stage of social and economic development and the main challenge - leaving the limits of the "knowledge society" and developing into the "wisdom society". Consequently, the humanitarian economy ("wisdom economy") is shown as the main direction of development of the economic science. Moreover, the article shows that the concept of human capital should be expanded with consideration of specific features of the wisdom society. The article offers to understand the human capital as an aggregate of knowledge, skills, motivations (according to Becker) plus wisdom (happiness), imperative of values and subjectness. Prospects of further studies are connected with the search for methods of measurement of such a difficult to measure property as "happiness", comparison of the heuristic potential of the existing indices and, possibly, their specification or development of new ones.

Suggested Citation

  • Vovk Volodymyr A., 2014. "Concept of Human Capital in the Context of Transition to the Wisdom Society," Business Inform, RESEARCH CENTRE FOR INDUSTRIAL DEVELOPMENT PROBLEMS of NAS (KHARKIV, UKRAINE), Kharkiv National University of Economics, issue 2, pages 18-22.
  • Handle: RePEc:idp:bizinf:y:2014:i:2:p:18_22

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    References listed on IDEAS

    1. Carlin, Wendy & Mayer, Colin, 2003. "Finance, investment, and growth," Journal of Financial Economics, Elsevier, vol. 69(1), pages 191-226, July.
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