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THE INTERCONNECTION OF CONSUMER MARKET AND HUMAN CAPITAL QUALITY IN ECONOMIC SYSTEM

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Author(s): O. Shevchuk

Journal: Economics of Development
ISSN 1683-1942

Volume: 67;
Issue: 3;
Start page: 12;
Date: 2013;
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Keywords: consumer market | the formation of human capital quality | need satisfaction | efficient market functioning | services

ABSTRACT
The modern period is characterized by the objective law related to correlation between human capital development and domestic consumer market functioning. From the standpoint of macroeconomic efficiency the consumer market has undeniable positive impact on improving the quality of human capital, which in turn leads to acceleration of socioeconomic development and is particularly important under transitional economy. The consumer market meets various needs of individuals, the structure of which is constantly changing according to the following patterns: from consumption to services predominance in it, from mass production and consumption to individualized needs and ways of meeting them. In turn, the highly intellectual and skilled human capital with dominating mental traits of initiative and social responsibility in modern terms is one of the most important components of the consumer market.The necessity of human capital development reinforces the importance of private consumption evolution, which has a profound effect on living standards. This accelerated upgrading of the consumer market becomes crucial prerequisite for a modern personal consumption system formation, focusing on human development.Thus, the consumer market has a positive influence on the formation of human capital and its quality improvement. Human capital is based on effective functioning of the consumer market. The concept of human capital combines issues of production and goods and services exchange regarding the problem of formation and use of people skills and capabilities.In this regard, there are two main objectives to be met in any economic system. This is, firstly, the saturation of consumer market products according to the growing needs, and secondly, provision for food market quality and environmentally friendly products.
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