Human Capital and Social Capital as Important Components of Innovation Ecosystems and Economic Development

Abstract

There has been a long debate on the factors and conditions that are affecting economic development and progress.It is clear that multiple components from various domains are interplaying and creating unique circumstances, which are impossible to copy and imply one by one in a different context.Moreover, none of development processes is appearing in a linear mode and past performance does not predict future success, even though it does create some pre-conditions and path dependency, which affects socio-economic development of each country and region.In this article, the authors are integrating several major aspects of economic development -namely, human capital, social capital and innovation ecosystems.The authors propose a novel framework to study economic development through the lenses of 'soft' components and argue that sustainable development is possible only when human and social capital intervene and result in innovation ecosystems, which, on their turn are supported by active and genuine collaboration of the government, academic and business sectors.To illustrate this framework, the authors focus on several cases in developing countries, which appeared as more successful or less successful and explain that through development of social and human capital.

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