Human Capital as a Factor Creating Innovation in the Visegrad Countries

Human Capital is of great importance in every sector of the economy. Hence, its forms of participation in shaping the economy may differ over the years, due to e.g. increasing robotization and automatization, human capital will remain crucial as a development factor. In the knowledge-based economy, human capital plays a significant role, especially in creating innovation. While Western Europe is leading in innovation in the EU, most of the Visegrad countries are way behind the leaders. Therefore, they need to make an effort to catch-up with Western Europe. One of the most important factors of innovation is human capital. It seems, however, that the Visegrad countries do have a potential for innovation with regards to human capital. There is a growing number of university graduates across these countries, R&D personnel or doctoral students. However, it does not necessarily influence the level of innovation, meaning that some countries may have a higher potential of human capital and a lower level of innovation than others with a relatively lower level of such potential.