Influence of financial support of human capital development on economic growth

Technological changes that come with industrial revolution have largely affected businesses, as well as society. With the current technological shift and Fourth Industrial Revolution, many questions arise regarding the impacts and effects on current ways businesses operate. This study presents a retrospective analysis and overview of previous industrial revolutions. The aim of the retrospective analysis is to identify common characteristics that may lead to lessons learned for the forthcoming Fourth Industrial Revolution and thus complement the current debate on technological change. All previous industrial revolutions have led to change in business environments and new challenges for managers and owners. The findings show that all previous revolutions have led to increase in the number of service jobs created. The key approach of successful countries during the times of industrial revolution has included education as the source of new skills and knowledge necessary for adaption. Countries that were able to produce high skilled people could not only invent, but also adapt to new technologies sooner than others. Similarly, these approaches included introduction of new managerial practices in order to be able to utilize new technologies and new skilled workers effectively. The research article processes secondary data together with literature review on this topic.

The paper deals with the analysis of methodology of Environmental Performance Index. The authors analyzed and systematized the main existing integrated indices, which were used for evaluation of environmental, social and economic situation in the countries. The authors allocated the environmental performance index as a basis for analyzing the environmental policy of the country. In this direction, the authors analysed the main features, structure and indicators of environmental performance index. The authors allocated the world-leader countries with huge level of CO2 emissions. According to the results, the authors aproved that these countries should improve their environmental policy. Accordingly, they occupied less position in environmental performance index. For the purpose to analyze the relation between ecological, social and economic welfare, the authors analyzed score of sustainable development goal index, social progress index and gross domestic product per capita. The comparison analysis of findings showed that countries with good position on environmental performance index have the strong position on sustainable development goal index and social progress index. The authors suggested that Ukraine should orient to the EU countries with purpose to improve the environmental policy.

The paper investigates discretionary budget expenditure and determines its role in the system of regulation of country’s socio-economic development. In a very difficult political and socio-economic situation, Ukraine faces an urgent need to finda balance between the amount of functions performed by the state and the level of their financial support. The analysis of the State Budget of Ukraine expenditure according to the functional classification in 2014–2017 has been carried out. In particular, the discretionary budget expenditures (on state functions, economic activity, defense budget expenditures, budget expenditure on public order, security and judiciary; environmental protection, housing and utilities) are carefully analyzed. The purpose of the article is to study trends in financing discretionary budget expenditure and determine their impact on the socio-economic development of a country. Discretionary budget expenditures are the study object. It is determined that socio-economic development of a country requires government to apply progressive forms, methods and principles of expenditure management between the budget system levels. This need is due to the objective necessity to achieve sustainable development of economy and population welfare. The main problems that reduce budget discretionary expenditure effectiveness in the current conditions are investigated and the main directions to improve their financing are offered. The obtained results indicate the need to revise the funding of discretionary budget expenditures depending on the state policy priorities.