Меҳнат иқтисодиёти ва инсон капитали Volume 5 Issue 2 (2026) · pp. 212-227
THE PLACE OF HUMAN BEINGS AND HUMAN CAPITAL IN ECONOMIC FORMATIONS
Kholbaeva Sabina Rustamovna, Холбаева Сабина Рустамовна, Xolbayeva Sabina Rustamovna
Abstract
The article proposes the author's approach to examining the evolution of the place of human beings and human capital in economic formations, based on an analysis of changes in the role of individuals during the development of productive forces and economic relations. It is demonstrated that the evolution of economic systems has been accompanied by a consistent transformation of the position of human beings: from a biological participant in economic activity and a factor of production in the traditional economy to a bearer of labor power in industrial society, then to a bearer of human capital in the post-industrial economy, and ultimately to a strategic resource for sustainable socioeconomic development in the context of the knowledge economy and digital transformation. It is substantiated that the changing place of human beings in the economy is determined not only by technological progress but also by the evolution of the institutional environment, which shapes the conditions for the formation, accumulation, reproduction, and effective functioning of human capital. The study concludes that there is a need to shift from a policy focused on the utilization of labor resources toward a comprehensive human capital development policy, recognizing human capital as a key factor in enhancing the competitiveness of the national economy and ensuring long-term economic growth.
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