THE IMPACT OF HUMAN CAPITAL ON ECONOMIC GROWTH

The article discusses the basic views of Russian and foreign authors on the human capital with the main focus on education and health. We discuss the relationship between the human capital and the concepts such as "workforce", "human potential", "labor potential" at the organization level. A possible version of the change of the components of labor potential of the organization is proposed in this article. The basic pathways of preservation and strengthening of health as a complete physical, social and mental wellbeing are also determined in the article. The results of the author's research on the impact of health's capital on the growth of the gross regional product (GRP) in 77 regions of Russia for 11 years (2003-2013) are covered in the article. Considering this issue, we took into account regional differences at the level of economic development and the structure of GRP. With this purpose, all the regions were divided into four groups using the cluster analysis. To assess the level of health of the population, life expectancy was used as the most adequate summarizing mortality characteristic. The inclusion of this indicator in the model and our calculations led us to the conclusion that the level of health of the population in the "extractive" regions has a significant impact on the aggregate productivity. The most significant factor in the growth of "mainly manufacturing" regions is investments in education. It is important to consider the management bodies in the financing of education and health regions and municipalities. (C) 2017 Published by Future Academy www.FutureAcademy.org.uk