The Impact Estimation of Human Capital on Social Well-Being and Social Development in the Digital Era: A Mathematical Model

The paper aims to characterize the approaches to assess the impact of human capital on social well-being and the development of society. Also, we emphasize the role of education in human capital. The study also shows the changes in human capital in the digital economy. To assess human capital and build an integral indicator of social well-being, we use economic and mathematical methods and an expert method of estimates. With the help of the comparison method, we compare the indicators of human capital and social well-being. As a result, we can trace the influence of human capital on the social development of the region. The paper provides theoretical insights on how to evaluate human capital in terms of the digitalization of the economy and what factors affect its level. We assume that human capital positively affects social development. To estimate human capital through the level of its digitalization, we use the effective informational, scientific, and educational resources of the university. Therefore, we can state that the digitalization of education is one of the critical aspects of the social well-being in the region or country. Due to the chosen research approach, the study results may be generalized. Consequently, scholars can test the proposed model in their further studies. The paper includes implications for the development of human capital management, satisfying the need to study how human capital management can promote regional and national social well-being. © 2023, The Author(s), under exclusive license to Springer Nature Switzerland AG.