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Igor A. ARENKOV, Yana U. SALIHOVA, Tatiana LEZINA
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Human capital is the individual qualities of the worker, which are considered as human resources that cannot be
adequately replaced by machines or paper documentation. This category includes resources such as professional
ability, competence, creativity, attitude, skills, tacit knowledge, personal business relationships, culture, behavior,
etc.
All the above components of intellectual capital play a huge role in the company, being the engine to create
new ideas, technologies, means of production, management practices, etc. Intellectual capital in today’s society
is becoming a key competitive advantage in the market, setting the pace and nature of production technology
and upgrade products. Consequently, adequate investment is a pledge of survival in the market. Therefore, it is
important to avoid the negligence over investment in intellectual capital, particularly in the human. Moreover
J.K. Galbraith noted that “a dollar invested in the human intellect often brings a greater increase in the national
income than a dollar invested in railways, dams, machinery and other capital goods. Education becomes a form
of high capital investment”.
In the development of intellectual capital should be interested not only corporate executives: the state must also
support and fund for education. Financial support for innovation from the government can include subsidies
from the federal budget, reginal and local budgets, transfers from state funds for projects of regional and federal
levels, etc. (Stepanova, 2008). Investments in intellectual capital, such as government support and funding for
education, lead to tremendous advances in high-tech industry. As a result, innovative production equipment
and innovative technologies, the development of science and technology, there is a need for training, retraining,
advanced training. This industrial training also requires additional investment.
3. Intellectual Capital and Intellectual Competition
The relevance of intellectual capital’s research has been caused by the transformation of competition in the period
of formation and development of a “new economy”.
Modern period of development is characterized by gradual formation of a new type of economy, which is known
by different names: “new economy”, “information economy”, “and knowledge economy”. These definitions,
according to opinion of many specialists, can be seen as synonyms, which characterize a postindustrial period of
development. Diffusion and activation of scientific researches in this field has started since 1960. Here should be
mentioned studies of this theory founders who are F. Mahlap, T. Umesao, lately works by M. Castels, P. Drucker,
M. Por, Y. Masud, T. Stoner, R. Katz and others. Among Russian researchers should be mentioned serious stud-
ies by V.L. Inozemtsev, G.B. Kleiner, E. Maiminas, R.M. Nizhegorogtsev, and L.A. Myasnikov. These works have
defined socio-economical content and nature of informational economy, its core differences and specify. The
content of these changes shortly but exactly are described by P. Drucker: “modern era is the era of radical changes
of social system’s bases – transformation from capital society to knowledge society” (Druker, 1993). Knowledge
also has relation with such definition as “innovative economy”. A development of an innovative economy requires
a uniform understanding of what is and should be an innovation. According to McKinsey, an innovation is some
new application of knowledge, which results in creation of a stable added value. So all new processes, prod-
ucts, technology, thanks to which labor productivity increased, a new market segment or an access to additional
resources appeared – all of these are innovations (The McKinsey Quarterly, 2010).
Different peculiarities can be formulated which define development of intellectual competition at the macro level.
First of all, it is the leading role of a state as the main source of demand creation for the knowledge-intensive and
innovative production. Forming a state order for technologies and products, a state stimulates science-techno-
logical progress in different spheres of economy. During many decades the biggest share of state expenses in the
USSR and Russia was spent on the military industrial complex which caused a serious imbalance in development
of other industries and limited creation of small innovative enterprises and organizations. Nowadays state support
of a formation of small and medium innovative business becomes the most actual. These companies have the big-
gest effect on the level of intellectual competition. Carrying out innovative business in the sphere of research and
advanced development and cultivation of production of the knowledge-intensive production, innovative compa-
nies open new markets and develop existing ones, stimulate the competition concerning effective use of intellec-