Economics and Business Management

Development of human capital in the context of the emerging creative economy

T. Balanovska, Olena Cherednichenko, Ludmila Stepasyuk, О. Yurchenko , К. Dramaretska, O. Baranovska
Download article
Abstract

The purpose of the present study was to analyse the role of human capital in the development of the creative economy, particularly through the introduction of innovations and the development of education. The research methodology included the analysis of strengths, weaknesses, opportunities, and threats, as well as the study of innovative programmes and educational initiatives. The principal findings of the study revealed that investment in education and technology is a major factor for the development of innovation in creative industries. The study of the AgroPortal, E-Agriculture, and AgroHub platforms showed their effectiveness in improving communication between farmers, suppliers, and consumers, which helps to optimise logistics processes and develop new business models for online sales. The study found that the introduction of digital technologies and the development of training programmes can markedly improve productivity and reduce costs in the agrаrian sector of the economy. The findings of the study confirmed that human capital plays a key role in the implementation of innovations and development of the agrаrian sector. Of particular significance is investment in training through modern educational programmes and workshops that enable farmers to master the latest technologies and effective business strategies. The analysis revealed prospects for improvement through the strategic use of existing digital platforms and training courses to enhance human capital capacity. Attention was paid to platforms in Austria, such as Pramoleum and myAcker, which demonstrated the successful integration of digital technologies in the agrаrian sector. Analysis of educational programmes and cooperation between universities, businesses, and government agencies in the Netherlands revealed their valuable role in supporting the sustainable development of the agrаrian sector, specifically through projects such as Farm of the Future.  The conclusions pointed to the need for further investment in human capital development through educational programmes and research, as well as the integration of the latest digital technologies into the agrаrian sector to ensure the sustainable development of the creative economy. Consideration of these factors will improve the economic situation, increase production efficiency, and contribute to the sustainable development of the national economy

Keywords

innovation; educational programmes; sustainability; competitiveness; human capital; development; agrаrian sector of the economy

Suggested citation
Balanovska, T., Cherednichenko, O., Stepasyuk, L., Yurchenko , О., Dramaretska, К., & Baranovska, O. (2024). Development of human capital in the context of the emerging creative economy. Economics and Business Management, 15(4), 161-184. https://doi.org/10.31548/economics/4.2024.161
References
  1. Agribusiness and Sustainable Food Production Economics. (n.d.).  Retrieved from https://www.coursera.org/specializations/agribusiness-and-sustainable-food-production-economics.
  2. AgriWebb. (n.d.). Retrieved from https://www.agriwebb.com/.
  3. AgroPortal. (n.d.). Retrieved from https://agroportal.ua/news.
  4. Analyzing millions of numbers to help you earn millions of dollars. (n.d.). Retrieved from https://agrohub.ua/en/about/.
  5. Ausat, A.M., Al Bana, T., & Gadzali, S.S. (2023). Basic capital of creative economy: The role of intellectual, social, cultural, and institutional capital. Journal of Tourism and Business, 1(2), 42-54. doi: 10.58905/apollo.v1i2.21.
  6. Baidybekova, S.K., & Sauranbay, S.B. (2022). The role of human capital in the economic development of countries. The Economy Strategy and Practice, 17(2),111-125. doi: 10.51176/1997-9967-2022-2-111-125.
  7. Baiyegunhi, L.J.S. (2024). Examining the impact of human capital and innovation on farm productivity in the KwaZulu-Natal North Coast, South Africa. Agrekon, 63(1-2), 51-64. doi: 10.1080/03031853.2024.2357072.
  8. Carillo, M.F. (2024). Human capital composition and long-run economic growth. Economic Modelling, 137, article number 106760. doi: 10.1016/j.econmod.2024.106760. 
  9. Chaiboonsri, C. (2024). The potential analytical impact of significant sectoral creative economy on thailand’s economy: A case study of the IRS-CGE Model vs. the CRS-CGE Model for both the national and provincial economies. Economies, 12(2), 44. doi: 10.3390/economies12020044.
  10. Chaikovska, I. (2023). Human capital as a factor of innovative development of the national economy. Scientific Journal “Modeling the Development of the Economic Systems”, 2, 229-234. doi: 10.31891/mdes/2023-8-31.
  11. Creative approaches of young people to the future development of the Ukrainian agro-industrial complex. (2021). Retrieved from https://nubip.edu.ua/node/91325.
  12. Darsyah, M.Y., Akbar, S., Widjanarko, W., & Al-Amin, A. (2024). Optimising the role of creative economy in society through literature review: Empowerment strategies and sustainable development models. Journal of Community Dedication, 4(3), 529-544.
  13. Divianto, D., Kamaludin, K., Santi, F., & Saiful, S. (2024). Impact of intellectual capital on business efficiency and financial success in creative SMEs. International Journal of Financial Accounting and Management, 6(3), 361-383. doi: 10.35912/ijfam.v6i3.2512.
  14. Duca, S. (2023). The resource of creativity and creative human capital for the management of knowledge economy: Implications for the Republic of Moldova. E3S Web of Conferences, 409, article number 05015. doi: 10.1051/e3sconf/202340905015.
  15. E-Agriculture. (n.d.). Retrieved from https://www.fao.org/e-agriculture/.
  16. FarmLogs. (n.d.). Retrieved from https://m.farms.com/agriculture-apps/crops/farmlogs.
  17. Field Manager – a digital platform for agriculture. (2020). Retrieved from https://aggeek.net/ru-blog/field-manager--tsifrova-platforma-dlya-silskogo-gospodarstva.
  18. Fotuhi Mehrabani, B., Ziari, K., Pourahmad, A., & Zanganeh, S. (2022). Explaining the spatial distribution of creative capital as a driver of economic growth in Iranian Metropolises. Urban Economics and Planning, 3(3), 37-51. doi: 10.22034/uep.2022.344994.1241.
  19. Free digital platforms for farmers. (2022). Retrieved from https://www.agrilab.ua/bezkoshtovni-tsyfrovi-platformy-dlya-agrariyiv/.
  20. Ghodke, S.P., Godase, S.M., Jadhav, S.R., Hiranwale, S.B., & Sapre, N.R. (2023). SMART irrigation robot. Internation Journal of Advance Research and Innovative Ideas in Education, 9(6), 139-145.
  21. Greenhouse farming foundation. (2022). Retrieved from https://www.udemy.com/course/greenhouse-farming-foundation/?couponCode=ST17MT31325G1.
  22. Hands-free crop harvested by robots in world-first trial. (2017). Retrieved from https://www.ukri.org/who-we-are/how-we-are-doing/research-outcomes-and-impact/innovate-uk/hands-free-crop-harvested-by-robots-in-world-first-trial/.
  23. Hmyria, V.P. (2023). Creative industries and their contribution to the country's economic development. Economics, 4(68), 109-115. doi: 10.15276/ETR.04.2023.12.
  24. Horban, Y., Dolbenko, T., Yaroshenko, T., Sokol, O., & Miatenko, N. (2021). Human capital as a development factor for cultural and creative industries. International Journal of Computer Science & Network Security, 21(12), 604-610. doi: 10.22937/IJCSNS.2021.21.12.83.
  25. Ionin, Y., & Prysich, A. (2024). Digital transformation in company management: Ukraine on the way to competitiveness. Economic Analysis, 34(34(3)), 429-437. doi: 10.35774/econa2024.03.429.
  26. Ismayilov, V., & Karimova, V. (2023). Development of an integrated model of intellectual capital based on various approaches to "human capital". Management and Business, 1(2), 12-24.
  27. Kalenuk, I., & Kuznetsova, N. (2020). Human capital development in the conditions of creative economy. Central Ukrainian Scientific Bulletin. Economic Sciences, 4(37). doi: 10.32515/2663-1636.2020.4(37).77-85.
  28. Kalfas, D., Kalogiannidis, S., Ambas, V., & Chatzitheodoridis, F. (2024). Contribution of the cultural and creative industries to regional development and revitalization: A European perspective. Urban Science, 8(2), 39. doi: 10.3390/urbansci8020039.
  29. KochCampus. (n.d.). Retrieved from https://www.kochcampus.com/blank-7.
  30. Kuznetsova, N., Tkachuk, V., Obikhod, S., & Vlasenko, T. (2022). Development and preservation of human capital under the conditions of the creative economy. PROOF, 2, 123-129. doi:10.37394/232020.2022.2.15.
  31. Londar, S., Lytvynchuk, A., Versal, N., Posnova, T., & Tereshchenko, H. (2020). Investment in human capital within the creative economy formation: Case of the Eastern and Central Europe countries. Comparative Economic Research. Central and Eastern Europe, 23(4), 129-148. doi: 10.18778/1508-2008.23.31.
  32. Malisiova, S., & Kostopoulou, S. (2024). Synergies of cultural – creative industries and development in peripheral areas: Networking, social capital, and place. Heritage, 7(8), 4500-4519. doi: 10.3390/heritage7080212.
  33. Mecocci, F.B., Maghssudipour, A., & Bellandi, M. (2022). The effect of cultural and creative production on human capital: Evidence from European regions. Papers in Regional Science, 101(6). doi: 10.1111/pirs.12702.
  34. myAcker. (n.d.).  Retrieved from https://myacker.com/.
  35. Neboha, T., Zapsha, H., Kuznetsova, M., Golikova, O., & Striy, L. (2024). Development of the human capital in the context of corporate personnel training digitalization. E3S Web of Conferences, 558, article number 01020. doi: 10.1051/e3sconf/202455801020.
  36. Netherlands – CAP Strategic Plan. (n.d.). Retrieved from https://agriculture.ec.europa.eu/cap-my-country/cap-strategic-plans/netherlands_en.
  37. Oduro-Ofori, E., Aboagye Anokye, P., & Acquaye, N.A.E. (2014). Effects of education on the agricultural productivity of farmers in the Offinso Municipality. International Journal of Development Research, 4(9), 1951-1960.
  38. OECD. (2015). Innovation, Agricultural Productivity and Sustainability in the Netherlands, OECD Food and Agricultural Reviews. Paris: OECD Publishing. doi: 10.1787/9789264238473-en.
  39. OECD. (2021). The role of innovation and human capital for the productivity of industries. OECD science, technology and industry policy papers. Paris: OECD Publishing.
  40. Open agritech university. (n.d.).  Retrieved from https://oau.kernel.ua/.
  41. Posnova, T.V. (2021). Creative human capital as a basis for the functioning of creative corporations. Mechanism of Economic Regulation, 3, 38-45. doi: 10.21272/mer.2021.93.03.
  42. Prospects for the development of Ukraine's agricultural sector in the context of climate change. (2024). Retrieved from https://niss.gov.ua/news/novyny-nisd/perspektyvy-rozvytku-ahrarnoho-sektoru-ukrayiny-v-umovakh-klimatychnykh-zmin.
  43. Protsenko, V. (2024). How to preserve and strengthen Ukraine's human capital. Retrieved from https://surl.li/kqfsbt.
  44. Ranjan, A., Pathak, S., & Singh, S. (2024). Precision farming: Uses drones, satellite imagery, and other technologies to increase efficiency and resource utilization. In Fields of tomorrow: Advancements in modern agriculture (pp. 21-34). Bilaspur: Astitva Prakashan.
  45. Reimers, M., & Klasen, S. (2011). Revisiting the role of education for agricultural productivity. Göttingen: Georg-August-Universität Göttingen, Ibero-America Institute for Economic Research (IAI).
  46. Robotics applications in agriculture. (2022). Retrieved from https://robotnik.eu/robotics-applications-in-agriculture/.
  47. Rural and high-tech: How farmers manage in the 21st century. (2021). Retrieved from https://www.ukrinform.ua/rubric-yakisne-zhyttia/3222373-silske-i-visokotehnologicne-ak-gospodaruut-agrarii-21-stolitta.html.
  48. Satellite monitoring for farmers: A list of free platforms. (2020). Retrieved from https://www.agrilab.ua/suputnykovyj-monitoryng-dlya-agrariyiv-perelik-bezkoshtovnyh-platform/.
  49. Slaus, I., & Jacobs, G. (2011). Human capital and sustainability. Sustainability, 3(1), 97-154. doi: 0.3390/su3010097.
  50. Snowball, J.D., & Haines R. (2024). The creative economy in Africa: The focus and scope of the African Journal of Creative Economy. African Journal of Creative Economy, 1(1). doi: 10.4102/ajce.v1i1.3.
  51. Tochylina, Y. (2019). The role of human capital in innovation development of the national economy. Scientific Bulletin of Uzhhorod National University, 26(2), 88-91.
  52. True prosperity will be found in the embrace of the digital economy. These farmers prove it. (2023). Retrieved from https://www.weforum.org/stories/2023/01/embrace-digital-economy-farmers-africa-davos-2023/.
  53. Ukraine became the world leader in the growth of drones for agriculture. (2022). Retrieved from https://odessa-journal.com/public/ukraine-became-the-world-leader-in-the-growth-of-drones-for-agriculture.
  54. Ukrainian innovative vertical farm Green Wave Organic produces 1 500 kg of vegetables and herbs a day. (2022). Retrieved from https://east-fruit.com/en/news/ukrainian-innovative-vertical-farm-green-wave-organic-produces-1-500-kg-of-vegetables-and-herbs-a-day/.
  55. Varchenko, O.M. (2019). Organisational and economic aspects of farm development in Ukraine. Bila Tserkva: Bila Tserkva National Agrarian University.
  56. Vorzhakova, Yu., & Revtiuk, Ye. (2021). Influence of the quality of the education system on the efficiency of investing in human capital (on the example of Ukraine). In II international scientific and practical conference “Business, innovations, management: Issues and perspectives” (pp. 138-139). Kyiv: National Technical University of Ukraine ‘Igor Sikorsky Kyiv Polytechnic Institute.
  57. WBGx: E-Learning on Digital Agriculture. (n.d.). Retrieved from https://www.edx.org/learn/agriculture/world-bank-group-e-learning-on-digital-agriculture.
  58. Welcome to Pramoleum. (n.d.). Retrieved from https://www.pramoleum.eu/.
  59. What's happening to agri- and foodtech startups and where to look for money during the war - a brief overview from an investor. (2023). Retrieved from https://aggeek.net/ru-blog/otkuda-vzyalis-takie-tseny-6-faktorov-kotorye-vliyayut-na-stoimost-zernovyh.
  60. Wijoyo, H.S.H., Mujanah, S., & Susanti, N. (2024). Building a sustainable creative economy: The influence of capital access and government programs. Edelweiss Applied Science and Technology, 8(6), 3081-3099. doi: 10.55214/25768484.v8i6.2658.
  61. Yan, W.-J., & Liu, S.-T. (2023). Creative economy and sustainable development: Shaping flexible cultural governance model for creativity. Sustainability, 15(5), article number 4353. doi: 10.3390/su15054353.
  62. Yoga, Y.F., Sadana, K., & Prianto, B. (2023). Increasing industrial competitiveness through the quality of human resources. International Journal of Research in Social Science and Humanities (IJRSS), 4(8), 1-10. doi: 10.47505/IJRSS.2023.V4.8.1.
  63. Zaika, S., Hridin, O., & Zaika, O. (2023). Innovations in sustainable agricultural development: Trends, issues, perspectives. Economy and Society, 52. doi: 10.32782/2524-0072/2023-52-69.