Human capital as the main resource of economic development in the 21st century

Abstract

In the context of globalization, digitalization, and economic transformation, human capital is gaining decisive importance as a key resource of socio-economic development. It serves as the foundation for national competitiveness, innovation-driven growth, and improvement of the population’s quality of life. This article provides a comprehensive analysis of the essence of the concept of “human capital,” summarizes domestic and foreign scientific approaches to its interpretation, and characterizes its main components, including education, professional skills, health, innovative and social potential of individuals. Particular attention is paid to the impact of innovation, digitalization, and technological change on the development of human potential in the knowledge economy and under rapid labor market transformations. The necessity of investing in human capital as a strategic direction of sustainable societal development is substantiated, ensuring long-term economic growth, social stability, and inclusive development. As a result, generalized conclusions are formulated regarding the role of human capital as a determining factor in societal adaptation to contemporary challenges and prospects for its effective use in the 21st century.