ANALYSIS OF THE DEVELOPMENT OF HUMAN FACTORS – THE IMPACT OF HUMAN CAPITAL ON REALIZED AND EXPECTED LEVEL OF GDP PER CAPITA OF THE EU COUNTRIES

The purpose of this study is to demonstrate and analyze the developmental stage of human capital in all of the European Union countries, as well as the differences in prosperity of each European Union country. It will especially focus on Bosnia and Herzegovina and its parameters, since it is the only state outside of the European Union, and will analyze the stage of its inhabitants, as well as its general social development as opposed to the European Union countries. Furthermore, it will pay attention to the realized and expected level of the gross domestic product per capita for all of the European Union countries and Bosnia and Herzegovina and explore the amount of countries which realized the higher gross domestic product per capita than it was expected according to their human development, i.e. the amount of countries which realized the lower gross domestic product than it was expected based on the education of their population. The study will offer the degree of human development expressed through the human development index, as well as the economic developmental stage with the help of the gross domestic product per capita for all of the 28 European Union countries and Bosnia and Herzegovina in the year 2012. The first conjecture states that the European Union countries with the developed human capital achieve the higher gross domestic product per capita than they actually should, i.e. their gross domestic product per capita is higher than expected. The second conjecture deals with the fact that the European Union countries whose gross domestic product per capita is higher have the higher gross domestic product per capita then it is expected. Finally, the third conjecture claims that Bosnia and Herzegovina, with its low development of human capital and low gross domestic product, has a lower gross domestic product per capita than expected.