Authors: Nikolay I. KHROMOV Dr. Sc. (Econ.), Prof., Head of National and Regional Economics Dept.

Abstract: The paper deals with historical aspects of the development of economic science, assessment and measurement of an individual’s contribution to the country’s wealth. The author studies the issues of the origin and development of the human capital theory, its compliance with the concept of classical political economy, the interaction of various types of capital in the system of industrial relations. The role of intangible factors of production in the process of socio-economic development is analysed. The author’s definition of the socio-economic concept of “human capital” is given.

Keywords: WORKFORCE, LABOUR POTENTIAL, HUMAN POTENTIAL, HUMAN DEVELOPMENT/p>