Quality of human capital as a competitiveness driver of economy. Multidimensional analysis for European Union Countries

Abstract

Overall quality of human capital of a country is currently considered as one of the most important determinant of competitive position of economy. As a result the differences in that factor influence economic potential of a country. In order to form effective public policies and propose some strategies for improving this factor one needs to point some leaders in the field to learn from them and to know the countries whose mistakes should be avoided. Thus the subject of the article is to assess the differences in quality of human capital in European Union countries. Due to the fact that the quality of human capital is considered as ambiguous and multi-definable phenomena, some tools of statistical multivariate analysis were applied in the research. In this case, zero unitarization method was used. The statistical material needed to complete the study was obtained from a Eurostat database.