LIFELONG LEARNING AS A FACTOR IN THE DEVELOPMENT OF HUMAN CAPITAL: INDIVIDUAL AND SOCIETY IMPLICATIONS

The current paper focuses on the theory of human capital, examining the motives of individuals to invest in developing their skills and seeks to explain the importance of human capital in terms of society development implications. Education and training are considered the most widespread and most important way of developing human capital. At the same time, they are an integral part of an individual's lifelong learning. The benefit of investing in human capital is gained not only by the individual but also benefits society in the form of positive externalities, i.e. the impact of higher human capital on the well-being of others.