THE ROLE OF EDUCATION IN HUMAN CAPITAL DEVELOPMENT IN CONTEMPORARY RUSSIA

Abstract

The article dwells upon the significance of education that can be regarded as the major factor influencing the development and accumulation of human capital. The article provides the main approaches to identify human capital and its components. The author highlights the differences between human capital and other forms of capital and using the research findings the author justifies the priority role of human capital in the modern economy. Further, the author considers the issue of investments in human capital and identifies their subjects and objects. Education is regarded as the main object of investment in human capital. The author describes the influence of education on the professional success of an individual and thus his contribution into the national economy. The author has characterized the sources of human capital development. Moreover, the influence of education on human capital development has been demonstrated. In the conclusion of the article, there are recommendations which if followed can improve education system and quality of education and its efficiency: all these things will lead to human capital development as one of the key competitive advantages of the country in the contemporary global economy.