Scientific Journal of KubSAU

At present time, when mankind is in postindustrial phase characterized by constantly changing economic conditions, intellectual resources are in the foreground as key factors of economic development. This means that knowledges and skills have crucial significance in achieving economic success. The article reveals the theoretical basis of the concept of human capital, which appeared in the middle of the XX century as a narrow definition and which has been expanding over time. In this article human capital is considered as a key factor of economic competitiveness of a modern state. International experience shows that the world leading countries in socio-economic development are the countries with a high level of education, health, science and culture. The share of human capital in the national wealth of these countries exceeds 70% as a rule. At the same time, there is a significant depletion of human capital in Russia as a result of substantial understatement of its value, which is a very big mistake that has devastating economic consequences for our country in the future. The main emphasis of this article is focused on the further developing of human capital as a priority factor of socio-economic development of our country. The article offers to consider investments in education, culture, health, scientific researches and innovative developments as the main field of public and private investments