The Impact of Human Resources on economic Growth and Development of Serbia

Petrović Pero (Phd, Professorial Fellow, IIPE), pera@diplomacy.bg.ac.rs

The research paper presents an attempt to clarify the relevance of the human capital concept in labour economics and theories of economic growth. The characteristics of human capital are compared with those of “owned” capital, while the aspects of market behaviour of individuals, households and companies in acquiring of productive skills are discussed. The process of acquiring productive skills has all the characteristics of investments including the problems of financing, measurement of inputs and outputs, and of rational choice between the available possibilities. The role of human capital in economic development is explained and the influence of disposable human capital on international trade and movements of production factors is considered.

Keywords: human capital, economic growth, economic development, international trade