Andra Miculescu, Maria Oţil

The Investment on Human Capital, and Its Connection to the Fourth Industrial Revolution. The Case of Romania

  • Abstract

Informations and abstract

Keywords: fourth industrial revolution, education, human capital, foreign direct investment, economic growth, competitiveness.

The Fourth Industrial Revolution is based on different pillars such as connectivity, smart initiative in human capital (especially in education), integrative digital technology, and digitisation of public services. We will present some key facts about foreign direct investment (FDI) and human capital in Romania, connected to some characteristics of the Fourth Industrial Revolution. This will allow us to do further research related to the connection between FDI, human capital, and the Fourth Industrial Revolution. The starting point of the present paper is the idea that human capital and investment in human capital, particularly in education, are considered key determinants of economic growth, and their development can be connected to the Fourth Industrial Revolution. The study analyses two economic growth factors: FDI and human capital; the latter is analysed from the perspective of two components – a) health and skills of the workforce, and b) the quantity and quality of education –, taking into account indicators that define the human factor from the perspective of the Fourth Industrial Revolution. A composite index is calculated to highlight the level of development of our country, as well as Romania’s place in the EU, regarding the two components of the human capital referred to above.

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