Journal of Management Information and Decision Sciences (Print ISSN: 1524-7252; Online ISSN: 1532-5806)


Development and preservation of human capital under the conditions of the creative economy

Author(s): Kuznetsova, N., Tkachuk, V., Obikhod, S., Vlasenko, T., Samborska, O., & Chorna, L.

The transformation of the world economy is characterized by a change of emphasis from an industrial society to a society of knowledge and intelligence. This leads to the emergence of a new segment of the economy – the creative economy, which is essentially a symbiosis of culture, art and economy and it is based on creative human capital. The purpose of the academic paper is to study the features of the process of intellectualization, the role of human capital and its creative functions in a new type of economy based on intellectual activity.

The basic methods used in the present research are as follows: statistical analysis, index and analytical methods, methods for estimating structural dynamic shifts, the method of comparisons. Along with this, the generally accepted methods of economic research have been also used, namely: the economic and statistical method and the method of economic and mathematical modeling (regression analysis) (in order to determine the impact of indicators characterizing the development of the creative sector of the economy on the level of GDP per capita), etc.

The importance of the creative economy in the development of the European countries and the role of human capital in the context of the formation of this economy sector has been updated. The essence of the category “development of human capital under the conditions of a creative economy” has been defined and its components have been specified. The features of the creative economy’s structure in the EU have been analyzed through the study of the dynamics of the number and structure of enterprises operating in the creative sphere. The number and the relative share of the population employed in the creative sector of the economy have been studied. The basic features of human capital development in European countries through the dynamics of the following indicators have been illustrated, namely: the coefficient of age dependence, life expectancy of the population, the risk of poverty, fully representing the social standards of the EU member states. In order to study the mutual interaction of the creative economy and human capital, a regression analysis has been performed. The basic components of development and preservation of human capital under the conditions of creative economy have been outlined.

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