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Multivariate Analysis of Human Capital Investments and National Welfare in EU countries

Human capital consists of people who work in organisation and are recognised as creators of organisational success. Nowadays, human capital is also recognised as the most important determinant of national development as well as the key stimulus of economic growth. The purpose of this research is to explore the contribution of human capital investments in human capital intensive industries to the national welfare through the growth of gross domestic product and gross national income as well as unemployment reduction in 28 European Union countries. Verification of empirical evidence is provided through the sample of approximately 12, 000 active companies in year 2014. The analysis is done using multivariate k-means cluster method and appropriate nonparametric tests to examine statistical significance in differentiation between observed countries. Obtained results suggest that countries with greater level of human capital investments are wealthier, i.e. have higher gross national income, higher gross domestic product and lower unemployment rate.

European Union countries; human capital investments; multivariate analysis; nonparametric statistics

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