PSYCHOLOGICAL CAPITAL AS AN INTANGIBLE DRIVER OF ECONOMIC GROWTH
DOI:
https://doi.org/10.35120/sciencej040439mKeywords:
psychological capital, human capital, economic growth, system dynamicAbstract
The new social and economic paradigm, organised around emerging information technologies, represents profound organizational, political, economic, social and cultural changes at various levels – from individual companies to entire countries, from specific regions to global transformation. Economic development under these conditions cannot be analyzed solely through tangible and measurable inputs such as labor, capital and technology. It is now essential to consider the impact of intangible resources, including human, intellectual, social, moral and psychological capital. Economic growth, educational attainment, business and entrepreneurship, social behavior and inequalities, as well as earnings, are economic aspects of psychological capital. These aspects are key indicators of its significance in both individual personal development and the economic development of society. Despite its well-documented influence on organizational outcomes, the macroeconomic implications of psychological capital remain largely unexplored. This paper addresses this gap by developing a conceptual model linking psychological capital with human capital, social capital, productivity, unemployment and economic growth. The impact of psychological capital on economic growth is demonstrated using the system dynamics method, employing qualitative cause-and-effect diagrams to highlight key variables and feedback mechanisms. The conclusion is that economies with higher levels of psychological capital demonstrate greater productivity, lower unemployment, increased human and social capital and consequently, higher economic growth. The research underscores the need for future empirical validation through system dynamics modelling and simulation.
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