ECONOMETRIC MODEL FOR ASSESSING THE IMPACT OF INVESTMENTS IN HUMAN CAPITAL ON THE GROWTH OF NATIONAL ECONOMIES

Human capital, which is the basis of national welfare, occupies a central place in economics. The study of the mechanisms influencing economic growth reveals essential aspects, including demographic, educational, and motivational factors. The studied components determine the quality of labor resources, productivity levels, and contribution to the development of high-tech industries. The impact of human capital is expressed through stimulating innovation, increasing competitiveness, and reducing socio-economic inequality.

Despite significant achievements in both theory and practice, unified approaches to assessing human capital remain an unsolved task. In the context of globalization and accelerating technological progress, Kazakhstan faces the need to enhance human capital management methods to achieve sustainable growth and socio-economic stability. Considering economic growth models, the study emphasizes the importance of integrating human capital into macroeconomic analysis.

The purpose of this study is to develop and apply an econometric model that reflects the impact of investments in human capital on the pace and sustainability of economic growth. The inclusion of educational parameters and technological changes in economic models allows for a deeper understanding of the processes of divergence and convergence between countries. Endogenous growth theories, which focus on internal factors, link innovation potential and economic growth rates to the accumulation of knowledge and skills. The study's findings highlight the need to invest in education, healthcare, and vocational training. These measures create conditions for long-term economic development, thereby increasing societal welfare and strengthening national economies' competitiveness.

An economic policy focused on inclusive growth and equitable distribution of benefits is becoming the key to sustainable development. Maintaining the high quality of human capital requires an integrated approach, encompassing the development of effective educational strategies, the intensification of research activities, and the increased availability of resources. Consequently, human capital is the primary driver of long-term innovative development and societal welfare.

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