HUMAN CAPITAL, A CHALLENGE FOR SUSTAINABLE IMPROVEMENT OF THE BUSINESS CLIMATE
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Abstract
The contemporary challenges of the sustainable improvement of the business climate are no longer exclusively a question of infrastructure and equipment. The strategies implemented by many countries focus on the role of people, their skills and their ability to innovate. The knowledge economy is often the generic name adopted to designate this development. Taking human capital into account in economic analysis has been an important step forward, especially since its accumulation is an essential factor of economic growth. Indeed, the dissemination of knowledge allows increasing returns and generates positive externalities.
It is in this sense that a historical foundation that traces the genesis of the concept of the investment climate and its evolution will be evoked to clarify current issues. This contribution then proposes to examine the role of human capital in the growth and development of economies through an exploration of the concept and its different theoretical approaches. The difficulties of valuing human capital will be addressed thirdly, emphasizing the methods and limits of traditional approaches to its measurement and the interest of alternative methodological solutions such as the socio-economic model. We emphasize that these difficulties have a methodological origin, noting that there is currently no suitable methodology for measuring human capital that achieves consensus and that is easily actionable in companies. Finally, this contribution proposes to examine human capital as a central factor of the business climate insofar as its integration into the knowledge economy is a major issue in improving the investment climate. This contribution draws on ideas and reflections from the literature review.
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