The Concept of Human Potential: in Search of a Theoretical Basis for Modern Economic Policy

The article presents a theoretical study of the concepts of human capital and human potential, originating in various economic schools. The confrontation between the approaches of domestic and Western economists, which arose at the turn of the 20th century, begins to fade away, as the number of human development strategies in developed and developing countries increasing. Formally, Western scientists still use the term "human capital", but in fact its content has long gone beyond the classical theory. The main reasons for such changes are both social imbalances and the acceleration of technological development. The innovative model of economic growth has gradually led the scientific community to a consensus on the growing role of human as the main source of innovation. Modern economic policy can no longer be based on the neoclassical concept of human capital due to the inability to cover processes that lie outside of market relations. Russia, traditionally possessing competitive indicators of human development, does not demonstrate the results of the realization of human potential within the country. On the contrary, we see a drop in GDP growth rates and an outflow of highly qualified personnel abroad. The solution to the existing contradictions is seen in the coordination of strategic goals and objectives of scientific, technological and industrial policy, which should increase the effectiveness of the mechanisms for converting human potential into economic development. The presence of competitive advantages in the digital environment and the high quality of professional training of specialists can become the basis for increasing the competitiveness of the domestic economy.