Summary

According to the national reports system requirements national riches include the ability to use information, knowledge, experience and technology. Human capital is the unity of knowledge, simplicity, and skills that are used to satisfy multi-sided requirements of human and whole society. Initially, the concept of human capital was considered - education and professional habits, as a combination of investments in the human capacity that strengthened its labor skills. Currently it includes consumer costs - family costs on food, clothes, housing, education and cultural events, also state spending in this direction.

The efficiency of the economy depends heavily on the preparation of highly skilled staff with effective investment. The economy in this direction implies a decrease in efficiency of the society and the complication of integration into the world economy. On innovative development, integration of science, production and service on quality hand, we are quite falling down to the developed countries with modern technologies, quality of management and the level of motivation of employees.

Without investments, especially in the new, innovative type of capital, it is unthinkable to successfully solve the issue of public reproduction. The introduction of innovative technologies will always reflect the quality parameters of manufactured products which increases its competitiveness. In addition, the economy needs to establish institutional relations that will facilitate not only foreign but also to attract local capital.

The results of many studies show that for the creation of competitive advantages of the Georgian economy, it is important to move on to use of the latest technologies, create a strong material and moral motivation, accumulate experience to improve competitiveness in all fields. The difficulty of achieving these goals is often caused by the lack of our management, the weak link with the production science, in the human resources with non-optimal investments, especially in the development of competencies, the introduction of the latest technologies, infrastructure development.

The challenges facing Georgia today are not qualitatively different from the challenges that many developed and least developed countries have. Unlike many other European countries, which have successfully (or unsuccessfully) through the stage in which Georgia is today, we have an opportunity to bear in mind experience of these foreign countries, then let's draw the relevant conclusions and our long-term development strategy must be based on experiences, successes or mistakes of these countries.

Currently, the use of natural resources depends on knowledge. The clearest example of this is the mankind’s progress through intellectual development of environment. In short, accumulation of knowledge, transmission and enrichment has become the driving force of public progress.

 Keywords: Education, Human Capital, Intellectual Capital, Innovations, Innovative Resources, Institutional Knowledge, Globalization, Unemployment.