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EDUCATION AND INNOVATION − THE KEY FACTORS OF ECONOMIC DEVELOPMENT

The economic and social transformation of society brought about by globalization actualizes the need to review the priorities of human development and the value orientation of society in order to create positive human capital. This fact means that in the transition to a new technological way investments are needed for renovation of the experience, knowledge, work ethic and entrepreneurship in order to modify the negative human capital into a positive, able to work under the new requirements for systematical improvement of the quality of life. The analysis of the processes occurring in the global economy shows that periods of growth and accumulation of human capital are positive catalysts for global innovation shifts in consequence of the output level and the quality of life of society to a new, advanced stage. The economic growth which in most cases positively impacts the level and quality of life, is often connected with the development of science and technology, which indirectly and directly improves the quality of life. The accumulation of human capital increases the speed of creation and expansion of scientific and technological discoveries and inventions.

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