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CONCEPTUAL FOUNDATIONS OF THE THEORY OF HUMAN CAPITAL DEVELOPMENT
PhD
Babadjanova Malika
Tashkent State University of Economics
ORCID: 0000 0002 4410 3162
malikababajanova2021@gmail.com
Abstract.
Based on the research of scientific ideas of the schools of political economy,
classical, neoclassical and modern human capital, which are the conceptual foundations of the
development of the theory of human capital, the author's approach of human capital is developed
in the article.
Keywords:
human capital, conceptual foundations, political economy, classical,
neoclassical, production, abilities, skills, knowledge, innate abilities, knowledge economy.
ИНСОН КАПИТАЛИ РИВОЖЛАНИШИ НАЗАРИЯСИНИНГ КОНЦЕПТУАЛ АСОСЛАРИ
PhD
Бабаджанова Малика
Тошкент давлат иқтисодиёт университети
Аннотация.
Мақолада
инсон капитали назариясини ривожланишининг концептуал
асослари бўлган сиёсий иқтисод, классик, неоклассик ва замонавий инсон капитали
мактабларининг илмий ғояларини тадқиқ этиш асосида муаллифлик ёндошуви ишлаб
чиқилган.
Kaлит сўзлар:
инсон капитали, концептуал асослар, сиёсий иқтисод, классик,
неоклассик, ишлаб чиқариш, қобилият, кўникма, билим, туғма қобилият, билимлар
иқтисодиёти
.
КОНЦЕПТУАЛЬНЫЕ ОСНОВЫ ТЕОРИИ РАЗВИТИЯ ЧЕЛОВЕЧЕСКОГО КАПИТАЛА
PhD
Бабаджанова Малика
Ташкентский государственный экономический университет
Аннотация
.
В статье на основе исследовании научных идей школ политической
экономии, классического, неоклассического и современного человеческого капитала,
которые являются концептуальными основами развития теории человеческого
капитала разработана авторский подход человеческого капитала.
Ключевые слова:
человеческий капитал, концептуальные основы, политическая
экономия, классическая, неоклассическая, производство, способности, умения, знания,
врожденные способности, экономика знаний.
UO‘K:
303.725.22
V SON - MAY, 2025
281-287
00
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Introduction.
In the "Development Strategy of New Uzbekistan for 2022-2026" in our country, after
analyzing in depth the complex processes of the world level and the results of the development
of our country, in the following years, based on the principle of "For Human Value", we will
further increase the well-being of our people, transform economic sectors and rapidly develop
entrepreneurship. it was emphasized that it is important to carry out researches aimed at the
unconditional provision of human rights and interests and the formation of an active civil
society. The higher education system is an important support in improving the human capital
and increasing the competitiveness of the state. In this regard, our dear President has
emphasized the following: "Improving the quality of education is the only way to develop New
Uzbekistan" (Address, 2022). In this regard, it is very important to determine the priority
direction of the systematic reform of higher education, to study the problem of improving
Japan's qualitatively new level of improving highly qualified human capital with modern
knowledge and high spiritual and moral qualities.
Literature review.
The theoretical aspects of human capital research are developed by the following Ben-
Poret, Marshall, Touro, Sakaya , Dayzard, Baker and Schultz.
Korogodin, Shevchenko, Sergeeva from russian sientists Cherkashin, Redko, Solodukha,
Gruzkov, Gruzkov, Tkachenko, Titov, Kapelyushnikov, Remorenko, Rozhkov and others have
conducted research on this topic.
To increase the scientific research work of Academician Abdupahmonov, Ubaydullaeva,
O'lmasov, Vahobov, Abdurakhmonova, Bozorova, and others from our Pespublika Olimlap with
theoretical aspects of human capital improvement. possible
The origin of the theory of human capital began with the economic teaching of
representatives of the classical school of political economy. U. Petty was one of the first
founders of the classical school of political economy in England and introduced a new economic
category - "living human forces" (Petty, 1940).
A representative of the neoclassical school of economic science Fisher (1927) also
included a person in the definition of capital. In his opinion, skills and mechanics are not
separate capital apart from people, and skilled mechanics themselves should be classified as
capital.
Shults (1971), the founder of the modern human capital theory, says that we call human
capital the valuable abilities acquired by a person, which can be improved, strengthened and
developed at the expense of appropriate investments.
According to the opinion of Academician K. Kh. Abdupakhmanov, one of the economists
of Uzbekistan, "The importance of human capital is limited to natural resources, material
wealth and means" (Abdurakhmanov, 2009).
Based on the above-mentioned studies, it is important to develop an author's approach to
human capital based on the research of the scientific ideas of different economic schools on the
nature and content of human capital.
Research methodology.
The article uses dialectical, systematic, integral and synergetic approaches, economic,
logical, scientific abstraction, analysis and synthesis, modeling of economic processes and
systems, induction and deduction, comparison, generalization, grouping methods.
Analysis and discussion of results.
As a complex intensive factor of economic development, the development of science, the
development and mastering of technologies with high scientific capacity, the formation of an
information society, the improvement of the efficiency of social production, brought human
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capital to the first place. The core of human capital is, of course, its carrier - an educated person
with deep, versatile knowledge, skills and abilities. Today, man and his abilities occupy an
important place in economic science. However, until the beginning of the 60s of the twentieth
century, human creative abilities did not play a decisive role in economic development. The
rapid renewal of the material and technical base of production associated with the technical
revolution of the industry created the illusion of the superiority of physical capital in ensuring
economic growth, reducing the problems of developing human production abilities. As a result,
for a long time human abilities were considered as one of the quantitative factors of production.
The main problem was to successfully integrate the cocktail into fixed and working capital
(Khalilova, 2008).
In the second half of the 20th century, the attitude towards human capital changed
radically. Interest in the role of human capital in the economy has increased due to the following
reasons: the transition to a new path of socio-economic development, in which human capital
began to acquire a qualitatively new meaning. Fundamental changes in socio-economic
development have created new conditions for understanding the labor process and labor
relations. The main focus of scientific research was on the study of human capital problems.
The activation of labor as an economic resource began to require a category that included the
idea of human abilities used in labor and reflecting its final result. Performing this function was
precisely the role intended for human capital as an economic category.
In the globalization of the world economy, countries with high-quality human capital are
gaining significant advantages. That is, it got a highly educated population and specialists who
can freely compete at the world level in various spheres of economic activity. It is human capital
that is the main factor determining economic growth and its efficiency. Therefore, research on
human capital has become increasingly important in recent years.
The concept of human capital emerged and developed in Western economic literature
from the 17th-19th centuries. At each stage of the development of this concept, approaches
were formed that expressed different views typical of the existing scientific economic schools
of that time. The development of the concept of human capital in economic science represents
the development of views on this person, his role in the economy, the accumulation of
knowledge and theoretical rules, the synthesis of the achievements of various economic schools
and their evolution.
The origin of the theory of human capital began with the economic teaching
of representatives of the classical school of political economy. Petty was one of the first
founders of the classical school of political economy in England and introduced a new economic
category - "living human forces". The idea of human capital was later introduced by the founder
of the classical school of political economy A. Developed by Smith. Smith believed that the
ability and skills of the worker are of decisive importance in the production process. Increasing
the productivity of useful labor depends, first of all, on the dexterity and skill of the worker, and
then on the improvement of the machines and instruments he works with. Smith included the
knowledge, experience and skills of people in the "basic capital" of society. He considered this
"fixed capital" as "an element of production that produces income or profit without entering
into circulation and without changing its owner.
In the 19th century, two trends were formed that represent the content of human capital.
The representative of the first direction, the representative of the classical school of political
economy Mill. He explained the existence and content of human capital as the acquisition of
human abilities, but did not include the person himself in this concept. According to the second
direction, along with human abilities, the person himself was considered as human capital.
Instead of understanding as capital the entire share of the external product that can be used for
the provision and production of a person, ... it would be correct to consider the person himself
as a part of the national capital (McCullough, 1870). He also emphasized the similarity between
physical and human capital, and believed that the turnover rate of investment in human capital
should match the turnover rate of other types of investment.
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English economist Senior (1939) also suggested that people can be considered capital.
According to him, "a person is a capital with expenses directed to a person to provide him with
the hope of getting profit from him in the future. To reveal the essence of this problem, the
representative of the classical school of political economy Sey (1896) made important
contributions. He stated that a person's professional abilities and skills greatly contribute to
increasing labor productivity and can therefore be considered as capital. Sey believed that only
the accumulated abilities and skills of a person are capital. "A person is not born with enough
abilities and powers to perform even the simplest tasks. These abilities and powers can be
considered as capital formed at the expense of long-term accumulation and the growth of
consistent education costs when they reach the age of 15-20 in their own development, wrote.
Thus, representatives of the classical school laid the foundation for the modern theory of human
capital. People with different abilities and characteristics were considered the main wealth of
society and the country. This wealth is more dependent on the nature of people's occupations.
People's productive abilities were considered the main engine of economic development. The
first the professional development of the employee comes first, then the improvement of
machines and equipment. Within the framework of the classical school, two directions have
been formed that explain the content of human capital and its description. According to the first
direction, human capital is the sum of the gross abilities acquired and acquired by a person. The
second is that human capital is the same as his gross abilities At the time, he believed that man
himself. But despite this, representatives of the classical school clearly understood that human
capital is the specific abilities and professional skills acquired by a person.
The founder of the neoclassical trend in economics Marshall turned his attention to
human knowledge. He considered human knowledge to be one of the main sources of
production. But this is not only human knowledge used in production activities. Marshall
emphasized the importance of human abilities. "The motivations that drive a person to
accumulate personal capital in the form of educational contributions seem to be consistent with
the accumulation of material capital...human abilities are as important as means of production
as any other type of capital," he wrote. Capital growth depends on human ability, literacy, and
the quality of enterprise management. So According to Marshal's conclusion, education is an
important factor of capital accumulation.
The modern theory of human capital was formed in the late 1950s and early 1960s. The
emergence of this independent scientific concept was caused by scientific and technical
progress, which is one of the important factors of its development in the economy. Dramatic
fundamental changes in science, technology and technology led to the improvement of the
composition of productive forces. In this regard, the need for highly qualified workers began to
appear.
Schultz, the founder of the modern human capital theory, believed that human capital
includes both the innate abilities of a person and the knowledge, experience and skills acquired
during life. He came to this conclusion from the following: "all human resources and abilities
are innate or acquired through life experience. Each person is born with a set of individual
genes that determine his innate human potential. Acquired by a person, it can be improved,
strengthened and developed at the expense of appropriate investments says that we call human
capital the valuable abilities that people have. Thus, human capital is not only limited to innate
abilities, but also includes the valuable abilities acquired during a person's life. At the same
time, the development of human capital is defined as the appropriateness of people's
knowledge, skills, and abilities. can be increased through capital investments.
For the first time, Shults identified education as the main factor contributing to economic
growth, especially for countries with a catch-up type of economic development. "Investing in a
person increases not only the level of his labor productivity, but also the economic value of his
time. to the theory of human capital. Becker also contributed a lot. Becker considered the
formation of human capital, and it is formed by human capital investments, among which
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education, preparation for production, health care, migration, costs of searching for
information on prices and income can be highlighted. Thus, the study of the concept of human
capital and investments in it gave economists the opportunity to form new views on the
problem of factors of economic growth, among which education became crucial. Education
gives an impetus to increase the level of human knowledge, that is, to the formation of human
capital. A representative of the neoclassical school Ben-Poret defines human capital as "any
machine-like fund whose task is the production of labor services in generally accepted units of
measurement, and as a representative of materialized capital. Thus, the role of skilled labor in
many fields of activity is increasing. Representatives of the neo-Keynesian direction Dornbush,
Shmalenzi: the following definition of human capital is given: "human capital is a measure of
the earning capacity embodied in a person. Human capital includes innate abilities and talents,
as well as education and acquired skills. Thus, the authors link the innate and acquired abilities
of people with human capital.
For a long time, the economic science of the Republic of Uzbekistan did not pay enough
attention to the problems of human capital, because human capital was not recognized as an
economic category, which led to a lag in the development of the theory of human capital.
Nevertheless, in the years of independence in the Republic of Uzbekistan, monographic studies
of the human capital of scientists of our republic appeared. The first scientific studies in this
direction include Ubaidullaeva, Shibarshova, Abdurakhmonov, Karimova, Maksakova,
O'lmasov, Vahobov, and Abdurakhmonova, Bozorova and others, who are actively creating
today, can be cited as scientific research works.
Several main approaches can be identified based on the generalization of the researches
on the concept of "human capital". Many scientists of our Republic determine human capital
based on profitability criteria, that is, human capital is understood as a set of knowledge, skills
and abilities of a person that is used in the production of goods and services and will bring
income in the future. Professor Ubaidullaeva (2013) emphasizing that the role and importance
of social imperatives is growing due to the growth of human potential in ensuring the country's
competitiveness today, he emphasizes that the state will be absent as the main investor in
human capital as a distinctive aspect of the formation and development of social imperatives in
Uzbekistan. Professor Karimova (2012) if it refers to material capital production factors,
ownership rights to property and financial assets, human capital and social capital, educational
level, professional qualification, innovative potential of personnel, as well as population health,
people's attitude towards their health, religious and cultural values, national traditions thinks
about covering customs and traditions.
According to Academician Abdupahmonov, (2009) "The importance of human capital is
limited to natural resources, material wealth and tools". Therefore, human capital is the main
factor of economic growth and productivity. The concept of human capital as an economic
category is constantly expanding with the development of the global information society and
the "knowledge economy". In recent times, human capital is a factor of intensive development
of the economy, society and family, which encompasses intellectual and other work, the
environment of living and working activities. This ensures that human capital is used efficiently
and rationally as a productive factor of brewing. Production in Makpodapaja is carried out on
the basis of capital and labor. These two factors, in turn, are considered to be the factors of
economic growth. According to the approach of professors Olmasov and Vahabov (2014), it is
said that "Human capital is the intelligence and energy of people capable of creating goods and
services that are considered life benefits, and it is equated to capital because it costs money to
create it".
Other authors consider human capital as the main production and social factor that
contributes to the development of the economy and society in general, and determine it through
the accumulation and development of certain abilities and qualities through investments
directed at the individual. Some local researchers emphasize the historical significance of the
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researched concept. According to them, only in a post-industrial society can human capital
appear. This society is the result of the third scientific and technical revolution, which has
created a new social environment of life, in which knowledge, skills and qualifications, the
qualifications, professionalism of employees, and the level of education in general are brought
to the fore. It follows that human capital is a set of gross productive abilities and human forces,
functional roles and forms that correspond to the post-industrial state of society. Summarizing
all views on human capital, they can be combined into the following economic schools and
directions (see Table 1).
Table 1.
Conceptual foundations of human capital research
Economic
schools and
directions
School
representatives
The main theoretical approaches that interpret the content
of human capital
Classical
school
Petty, Smith, Mill,
McCulloch, Senior,
Say.
Human capital is understood as the accumulated knowledge and
skills that make up part of the national wealth.
Human capital represents abilities and skills acquired as a result
of costs and leading to increased labor productivity. Man
capital is seen as acquired and acquired abilities, realized only
as a tool in the cocktail process.
Neoclassical
school
Walras, Fisher,
Marshall, Schultz,
Becker, Turrow,
Mahlup, Ben-
Porat.
Human capital is a source of future income or future satisfaction
or both. It is human because it is an integral part of it. Human
capital of people is their ability to produce goods and services.
Human capital is inseparable from the human carrier, which
mainly includes human characteristics such as respect for
political and social stability acquired through appropriate
upbringing and education. Defines human capital as any
machine-like stock whose function is to produce labor services
in generally accepted units of measurement and as a
representative of materialized capital.
School of
Neokenism
Fisher, Dornbush,
Shmalenzi
Human capital is a measure of a person's embodied earning
capacity. Human capital includes innate abilities and talents, as
well as education and acquired skills.
Russian
economic
school
Dobrynin,
Corogodin,
Svyatodukh,
Belkin, Belkina,
Radaev,
Maksimova,
Human capital is understood as a set of knowledge, skills and
abilities of a person, which are used in the production of goods
and services and generate income in the future. Human capital
is considered the main production and social factor that
contributes to the development of the economy and society as a
whole, and it is determined by the accumulation and
development of certain abilities and qualities through
investments directed at the individual. The emergence of human
capital in the post-industrial society is the result of the third
scientific and technical revolution, in which knowledge, skills
and qualifications, the qualifications, professionalism of
employees, and the level of education in general are brought to
the fore.
School of
Economists
of
Uzbekistan
Ubaidullaeva,
Karimova,
Abdupakhmonov,
Olmasov,
Vahobov,
Abdurakhmonova,
Bozorova.
In a narrow sense, incon capital represents the intelligence,
wealth, knowledge, productive work of an incon and his quality
of life, in a broad sense, incon capital is an intensive production
factor of economic development, the development of society and
family, the educated stock of labor resources, intellectual and
managerial labor, living and working environment.
Source:
compiled based on the author's research.
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In conclusion, it can be noted that human capital has been comprehensively considered in
the economic literature and different approaches to the definition of this category have been
formed. Representatives of the classical school founded the modern theory of human capital.
People with different abilities and characteristics were considered as the wealth of the society
and the country, and this depended on the nature of their professions. The professional
development of the employee comes first, then the improvement of the machine and
equipment. The importance of effective investments in people is emphasized, as they also bring
benefits by compensating him. Thus, there is no single definition of the concept of "human
capital", because it has a very large capacity and includes social, economic, spiritual and other
areas. Based on the above, in our opinion: human capital is a sum of gross knowledge and
professional skills acquired and accumulated during the life of an individual, which contributes
to economic growth and the improvement of people's well-being.
Conclusion and suggestions.
1. The concept of human capital appeared in Western economic literature from the 17th-
19th centuries, and at each stage of its development, approaches expressing different views
typical of the existing scientific economic schools of that time were formed.
2. There are two directions within the classical school: according to the first one, human
capital is gross human abilities acquired and accumulated during a person's life. According to
the second, directions were formed that consider human capital as a person's abilities at the
same time as a person himself.
3. Shults, the founder of the modern human capital theory, believed that human capital
includes both the innate abilities of a person and the knowledge, experience and skills acquired
during life.
4. In our opinion, human capital is a sum of gross knowledge and professional skills
acquired and accumulated during the life activity of an individual, which contributes to
economic growth and human well-being.
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