Key dimensions of human capital as an important factor in enhancing economic development: case of the Republic of Moldova

Abstract

Over time, human capital has always been a topic of strategic importance for the development of countries around the world. People are the basic resources for economic growth. Various authors have attempted to identify the key factors that determine the formation of effective human capital. The human capital ecosystem can be formed by knowledge, skills, health, but also by attitude, involvement, and creativity. The level of development of countries depends on the capacity and training of human capital. The authors aim to identify the elements that contribute to the formation of efficient human capital, how it has evolved over time, and what are currently the key factors in a world increasingly dictated by artificial intelligence, to the disadvantage of human intelligence. In present research we applied primarily logical and historical methods, as well as dialectical ascents from the abstract to the concrete, including general scientific methods of analysis and synthesis. Based on main results, can be concluded that Republic of Moldova, being a developing country with a fragile economy, needs a human factor prepared for all the challenges it faces in the context of EU integration, but also a war at the border. The demographic crisis, the migration process, studies that do not correspond to the labor market, and the lack of talent represent the shortcomings of human capital in the Republic of Moldova, and this creates a series of problems for the national economy. It is imperative to identify the main determining factors in the growth of human capital potential, both using the example of other countries and the situation in the Republic of Moldova.