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Oksana Nahirna, Olha Viunyk, Inna Vysotska, Liubomyr Vankovych y Nataliia Chapliak
Legal aspects of the formation, development and use of human capital in nancial activities
The problem of human capital and the importance of understanding its
essence were known to scientists of classical political economy. However,
human capital received special attention as an object of scientic knowledge
in the second half of the 20th century. It was with the help of large-scale
social transformations observed in all areas of life of this period that
there was a need to rethink the meaning of the category “human capital”
in the context of studying its investment potential, the importance in the
formation of an information and modern permanently competitive society.
Human capital, according to the denition of classical economic theory,
is really capital, since it is directly used in the production process, is a
source of future income and added value, and it is called human because
its carrier is an individual (man). However, unlike ordinary capital, its true
value cannot be accurately estimated, and therefore is potential or abstract
until it is put into production. In general, the concept of capital is derived
from human capital, since with its help a person is able to create any capital
in the context of the development of nancial activity.
The fundamental role of the legal aspects of state regulation in investing
in human capital, or its reproduction to ensure economic growth, is
undeniable. At the same time, in view of the post-crisis situation, it is
especially worth considering not only the formation of human capital, but
also its practical use in the context of transformation into the post-industrial
stage of economic development.
The legal problem of the practical realization of the potential of
human capital in the context of the development of nancial activity
directly depends on how well and diversied the conditions for its use are
provided. Of particular importance, both the formation and the provision
of the necessary conditions for the eective use of human capital, is the
institutional factor.
Provision with high-quality institutions contributes to the proportional
distribution of human capital in the sector, which ensures the dynamic,
uniform and stable socio-economic development of the country. Such an
axiomatic statement follows from the fact that properly organized state
institutions carry out reliable protection of property rights (including
intellectual as the main product of the knowledge economy), rely on the
rule of law, eliminate any manifestations of economic discrimination,
maintain an appropriate level of fair competition, and ensure the eective
functioning of economy, free access to factors of production, versatile
supporting production activities.
Thus, not only the formation and development, but also the eective
use of human capital by its owner and the state as a whole depends on the
quality and provision of the country with proper legal institutions. That
is, the presence and functioning of relevant institutions in the country