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ЭКОНОМИЧЕСКИЕ НАУКИ
METHODS OF MEASUREMENT AND EVALUATION OF HUMAN CAPITAL
Madatov Mansur
PhD in economics,
Doctoral of the Department ofEconomics, Azerbaijani Academy of Sciences,
Baku, Azerbaijan
ABSTRACT
The article is devoted to the measurement of human capital. Different approaches to the measurement of human capital are considered. Basic methods of measuring and estimating human capital are shown.
Key words: human capital, measurement methods, approaches to measuring human capital
Recently, in the modern economy, man has become the centre of the reproduction process. This was reflected in the avalanche-like growth of the popularity of the theory of human capital. In particular, at the end of the last century, there were theories of endogenous economic growth, in which human capital (hereinafter - the HC) is given a key role, since its contribution to economic growth is due not only to the higher productivity of skilled and educated workers (as the founders of the theory emphasized). The main thing is that it acts as a source of new ideas and innovations, as well as a factor that facilitates their perception and dissemination [10].
However, upon closer examination, it turns out that most econometric models do not provide a significant correlation between growth and HC in either a temporal or an intercountry [9]. The most common explanation is the imperfect measurement of the reserves of the HC. Researchers note that the HC's estimates used in the models are very doubtful. At the same time, claims are made both to the content of the assessments [13] and to technical deficiencies in their design, related to the scarcity of the information and statistical base [4].
A number of authors believe that the role of the HC in providing dynamic development is greatly exaggerated. In their opinion, the models do not take into account the feedback: countries that demonstrate a high or stable growth of the economy tend to increase the costs of education and quickly accumulate human capital [2].
In addition, a large stock of education (educational fund) accumulated by the population can have a weak effect on economic development indicators if it is not fully utilized in production processes, for example, with high unemployment or inefficient use of skilled labour. At the same time, relatively successful economies can be compensated by the shortage of certain categories of workers by encouraging external labour migration. At the same time, the opportunities of successful countries and, accordingly, the threats to less powerful economies increase sharply in the context of globalization.
Originally, the authors of the concept of the HC sought to explain and defend the idea of the role of intangible, inseparable assets from an individual in creating an aggregate social product, rather than a laconic
formulation of a new concept. The canonical definition of the HC has not been worked out yet.
Meanwhile, the emphasis in determining the HC causes different approaches to its measurement. The main difference is that there is an emphasis on the very fact of having this special kind of non-material wealth, on the process of its acquisition and the costs associated with this process, or on the return, the benefits, and the result of its functioning. As an example of the most general, neutral definition, the following can be cited: human capital is "knowledge, competence and properties embodied in individuals that contribute to the creation of personal, social and economic well-being" [15].
Many definitions emphasize the market nature of the category, but nothing is said about the source of this asset.
"The study of man as a producer can be done only on the basis of a method that allows him to measure his productive abilities. The idea of human capital was put forward in order to obtain such a measure. Human capital is defined as the productive skills, abilities and knowledge that an individual possesses and is measured by the market price of the aggregate goods and services produced by him" [16]. "Human capital is the skills, qualities and abilities that an individual possesses that enable him to earn an income" [14].
In another group of definitions, emphasis is placed on the fact that the HC is not endowed with nature, but is an artificial reproducible resource, emphasizes the need for purposeful efforts to create it [8]. Moreover, in many definitions, especially concerning later ones, there is no direct indication of the value nature of human capital (as, indeed, of traditional capital materialized in the means of production): "As physical capital is created as a result of the transformation of the substance of nature, to produce the means of production used in the process of labour, so human capital is created as a result of the transformation of people in order to give them the skills and abilities that enable them to learn new ways and activities" [5].
Initially, most of the HC theoreticians, as far as can be judged from the content of their specific developments, adhered to the narrowest possible interpretation of this concept: they referred to it only the knowledge, skills and competences acquired in the formal education system and directly used to generate income in the sphere of paid employment . W. Becker's
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formulation is widely known: HC "is formed by investing in people, including training, training in the workplace, health care costs, migration and the search for information on prices and incomes". However, this structural list is by no means flawless in terms of the theoretical concept of the quotation author.
Thus, the cost of maintaining health affects the volume of the HC only to the extent that it interferes with its physical deterioration and thereby prolongs its useful life. They do not accumulate and, similarly to the costs of repairing the equipment, constitute only a part of the running costs. In addition, health is given to man by nature, this is a natural wealth similar to mineral resources and soil fertility. The need for health services is determined by the need to correct deviations from the norm in the state of health. Therefore, it is higher the worse the state of health, and therefore, there can be no direct connection between the volume of investments in health care and the "health capital". Information on prices and the possibility of migration have even less relevance to the qualitative characteristics of a particular employee. The corresponding costs are not directed at increasing individual human capital, but at increasing its economic returns through both better implementation and opportunistic factors.
Today, the HC's expansionary interpretations are more popular: it includes a wide range of personal qualities, ideological attitudes, value orientations that can have an indirect effect on the results of productive activity [3].
Some authors consider it possible to include in the HC not only personal qualities of a person, but also social capital embodied in relations between people. It is significant that Becker, who accepted and supported the concept of social capital, does not mix it with the HC [1]. Similarly, the founders of the theory of social capital act [6]. The division of human and social capital is enshrined in the well-known methodology of the World Bank, in which they are classified as separate elements of world wealth embodied in aggregate human resources [7].
The recognition of the HC as part of artificially created, reproducible wealth is at the heart of its calculation by summing up the efforts made in the past aimed at its formation. These efforts can be measured on the basis of either natural indicators or a valuation of investment in a person. This method is limited, on the one hand, by the difficulty of taking into account implicit and indirect costs, on the other hand, the relationship between costs and results is not obvious in many cases.
From these shortcomings, an approach that focuses on measuring the result of past accumulations is free, an assessment through the return of the HC. It is generally accepted that the HC brings both monetary and non-monetary benefits. The latter are not necessarily mediated by market relations. However, in practice this method of evaluation (in most of its variants) is limited by taking into account only the monetary returns, and therefore, rather, understates the real reserve of the HC.
There is also a direct evaluation of the parameters of the population, which can be attributed to the HC. However, its wide application is limited by technical
and methodological difficulties related to the justification of the set of parameters to be taken into account, the development of technology for their evaluation, and the bringing of diverse indicators to a unified basis.
Not only is there a huge gap between the assessments of the HC, obtained with the help of different approaches, but within each of them, depending on the specific methodologies. There is a point of view that they are related to the imperfection of measurement technologies, information bases, and calculation methods. Ideally, the estimates obtained by measuring aggregate investments, direct evaluation of the skills of the properties and competences that the population possesses, and the capitalization of returns must coincide [12].
However, it seems to us that the origins of the discrepancy between the results lie at the level of the theoretical concept: the three approaches described initially are aimed at measuring the non-coincident subsystems of human abilities and properties. With direct evaluation, the object of measurement is the entire potential of a person, regardless of their origin and relevance. Measurement by the amount of investments is aimed at a reproducible, created under the influence of special efforts, a subsystem of abilities and properties. The measure of recoil covers part of what is created artificially, and some of what is genetically inherent is given by nature. With the narrowest approach, measure that part of the human potential that is created purposefully and brings monetary benefits.
Specific methods for calculating the HC are also different, depending on the units in which the measurement is performed. Since capital is a market category, the most valuable are monetary, value estimates. Initially, the theorists of human capital preferred them [11].
Nevertheless, the diversity of not only the theoretical approaches, but also the specific research tasks under which these methods are developed, leads to the fact that so-called proxies - representative (replacing) estimates of the HC are very common today. They do not claim full coverage of this phenomenon, but allow for meaningful cross-country comparisons. Particularly active representative evaluations are used by theorists of endogenous growth.
The most modern approach, the later adopted approach, is the measurement of HC with indices. To a certain extent, it allows combining advantages, overcoming limitations and distortions of natural and value estimates. The index methodology is best suited for in-tercountry and intercategory comparisons, for example, for ranking human capital stocks of different territories, countries, social groups.
Reference
1. Becker G.S. Accounting for Tastes. Cambridge MA: Harvard University Press, 1996.
2. BilsM., Klenow P. Does Schooling Cause Growth? // American Economic Review. 2000. Vol. 90, No 5.
3. BovenbergA.L. The Life-Course Perspective and Social Policies: An Overview of the Issues // CE-Sifo Economic Studies. 2008. Vol. 54, No 4. P. 600.
4. Cohen D., Soto M. Growth and Human Capital: Good Data, Good Results // Journal of Economic Growth. 2007. Vol. 12, No 1.
5. Coleman J. S. Foundations of Social Theory. Cambridge, MA: Belknap Press of Harvard University Press, 1990. P. 304.
6. Coleman J. S. Social Capital in the Creation of Human Capital // Education, Culture, Economy and Society / H. Lauder, P. Brown, A.S. Wells (eds.). Oxford: Oxford University Press, 1997. P. 80.
7. Dixon J. A., Hamilton K. Expanding the Measure of Wealth // Finance and Development. December 1996. P. 15.
8. Machlup F. Knowledge: Its Creation, Distribution, and Economic Significance. Vol. II: The Economics of Information and Human Capital. Princeton: Princeton University Press, 1984. P. 419.
9. Pritchett L. Where Has All the Education Gone? // World Bank Economic Review. 2001. Vol. 15, No 3.
10. Romer P. Human Capital and Growth: Theory and Evidence // NBER Working Paper No 3173. 1989.
11. Schultz T. W. Investment in Human Capital: the Role of Education and of Research. N.Y.: Free Press, 1971.
12. Stroombergen A., Rose D., Nana G. Review of the Statistical Measurement of Human Capital / Statistics New Zealand. Wellington, 2002. P. 4.
13. Temple J. Growth Effects of Education and Social Capital in the OECD Countries // OECD Economic Studies. 2001. Vol. 33.
14. The Penguin Dictionary of Economics. L.: Penguin Books, 2004. P. 36.
15. The Well-being of Nations: The Role of Human and Social Capital / OECD. P., 2001. P. 18.
16. Thurow L. Investment in Human Capital. Belmont: Wadsworth Publishing Company, 1970. P.1.
ОСОБЕННОСТИ ОЦЕНКИ КРЕДИТОСПОСОБНОСТИ ЗАЕМЩИКА В
ИСЛАМСКИХ БАНКАХ. PARTICULAR ASPECTS OF CLIENT CREDIT SCORING IN ISLAMIC _BANKS._
А.В. Селиверстова
Магистр ФГБОУ ВПО «Государственный университет управления», Москва
Ж.М. Корзоватых
Доцент кафедры бухгалтерского учета, аудита и налогообложения ФГБОУ ВПО
«Государственный университет управления», Москва
А. Seliverstova Z. Korzovatykh
АННОТАЦИЯ:
В данной статье рассмотрены особенности оценки кредитоспособности заемщика в исламских банках. Финансовые учреждения в ходе своей деятельности постоянно сталкиваются с различными видами рисков, наиболее значимым из которых является кредитный риск. Способность банков правильно определить риск, дать его оценку и разработать необходимые меры по управлению конкретным видом рисков определяют эффективность деятельности банка. Данный вопрос актуален и для относительно молодого направления - исламского банкинга, который в последние десятилетия получил широкое распространение как в странах, где в основе юридических норм лежат принципы шариата, так и в странах светского права с преобладанием традиционной банковской системы.
Ключевые слова: исламские финансы, исламские банки, кредитоспособность, кредит, риск.
ANNOTATION:
This article examines the features of assessing the borrower's creditworthiness in Islamic banks. Financial institutions in the course of their activities constantly face various types of risks, the most significant of which is credit risk. The ability of banks to correctly identify the risk, evaluate it and develop the necessary measures to manage a particular type of risk determines the effectiveness of the bank's operations. This issue is also relevant for the relatively young sector - Islamic banking, which in recent decades has become widespread both in countries where the legal norms are based on the principles of the Sharia and in the countries of secular law with the predominance of the traditional banking system.
Keywords: Islamic finance, Islamic banks, creditworthiness, credit, risk
Исламский банкинг является важной частью исламской финансовой системы, основанной и действующей на основе норм мусульманского права -Шариата (shari 'ah), который помимо социальных и юридических норм поведения, регулирует также экономические отношения: правила ведения торговли, предоставления займов, ведения предпринимательской деятельности, налогообложения и т.д.
Основными принципами Шариата, регулирующими деятельность финансовых организаций являются:
1. Запрет на взимание процентов (riba) - данный термин охватывает как и традиционные кредиты с начислением процентов, процентные депозиты, характерные для обычных банков(Riba an-
