Evaluation of the effectiveness of investments into human capital at the macro level

Abstract

This article is devoted to the study of the problem of evaluating the effectiveness of financing the education sector as an important industry that contributes to the creation of conditions for accelerated economic growth. In the context of the formation and development of an innovative economy, investments in education are of a priority nature and provide an important competitive advantage from a strategic point of view - the accumulation and development of the country's intellectual potential. At the same time, an increase in investment in education does not mean an increase in the effect and cannot guarantee an increase in the quality of educational services. Therefore, one of the topical issues in the implementation of investments in the industry is the evaluation of their effectiveness. The formation of a methodology for evaluating the effectiveness of investment in education at the macro level is based on a comparison of changes in national investment in education and changes in the human development index. Approbation of the proposed method is carried out on a specific example. This article analyzes the works of the classics of philosophy and economics, monographs, scientific and technical research, and articles by foreign and domestic scientists on the analysis and evaluation of the effectiveness of investments in human capital. The results of this study raise an important question for theoretical economists: what the mechanism by which human capital is affects economic growth, how to model the relationship between the stock of human capital, capital, and technological progress, as well as the law of accumulation of human capital in the model.

Key words: human capital, investment, performance evaluation, education, human capital index.