SIGNIFICANCE OF HUMAN-CAPITAL IN THE TRAN SFORMATION PROCESS

The author of the paper analyzes human capital issues in two levels. F rom the theoretical point of view human capital is defined as the acqu ired knowledge, habits, motives and energy disposed of by people and a pplicable in production of goods and services during a certain period of time. The owner of human capital receives an adequate compensation in income. The second level of the analysis is that of an application character taking account of the problems of the transformation process . The use of human capital in the state economic policy is analyzed, t he interconnection between education, employment and wages policy and the barriers arising in the transformation process are studied. Busine ss activities as a special form of human capital are paid attention to . Modern business assumes that a successful application of high techno logies depends not only upon the technical level, on the changes in or ganizational structures but also upon the change in the ''spirit'' of business principles. That is the reason why the author analyzes the et hic business criteria that are actual for the nowaday economic transfo rmation especially. In the conclusion of the paper the author points o ut the necessity of the close cooperation between state economic polic y and the business strategy in finding a new position of a human being within the creation of market relationships that cannot remain just i n the level of comparative advantages of a cheap labour force. Depreci ation of human capital stock, undervaluation of human investments may have, from the longterm point of view, huge negative consequences upon the prosperity of the transforming economies.