Human Capital Development as a Basis for Economic Growth

Abstract

Purpose. Studying the problems that impede economic growth, the authors consider it appropriate to consider the relationship between household income and gross domestic product. Design/Methodology/Approach: The following research methods were used: historical, statistical-economic, and monographic. Findings. The authors have revealed that the level of income of the population affects a number of macroeconomic indicators. The practical implications. An analysis of income, as a fundamental factor affecting the formation of human capital, indicates that significant human capital has been formed in the agricultural sector, which is not fully used due to the low material interest of the rural population. Originality/value: The article considers a number of factors that directly and indirectly affect economic growth.