The YSU Faculty of Economics and Management hosted a regular scientific seminar on the topic "Human Capital, Institutions, and Economic Development". The seminar was presented by the Faculty Dean, Karlen Khachatryan, Associate Professor and PhD at the Chair of Management and Business, and Professor Gagik Vardanyan, Doctor of Economics, from the same chair. The seminar was attended by members of the faculty's academic staff and PhD students.
The presented study was conducted within the framework of the grant program "Establishment of Remote Laboratories" of the Armenian Higher Education and Science Committee ("Issues and Solutions of Human Capital Management in Armenia". Preliminary research findings were introduced during the seminar.
Drawing on theoretical and empirical analyses of the interaction between formal institutions and human capital, the speakers sought to assess the interrelationship between human capital and institutional fragility in the context of economic development.
During the seminar, the speakers outlined recent approaches in modern economic and institutional theories, emphasizing that the foundation of a country's development lies not only in economic resources but also in governance efficiency, the quality of institutions, and the potential of human capital.
Attention was given to the causes and consequences of institutional vulnerability. It was noted that weak, unstable, or non-transparent institutions limit the state's ability to ensure security, justice, education, and healthcare, which in turn is linked to slower economic growth and deepening social inequality. The crucial role of human capital in contemporary economies was underscored. According to the speakers, educated, skilled, and responsible citizens generate innovative capacity and contribute to institutional consolidation. At the same time, it was highlighted that the emigration of highly qualified specialists diminishes the country's institutional capacity, further exacerbating economic challenges.
The report led into an active discussion, during which Professors Samson Davoyan, Hayk Sargsyan, Ruben Gevorgyan, chair heads Alvard Kharatyan and Grigor Hayrapetyan, and others shared their comments and proposals.
Summarizing the seminar, Karlen Khachatryan expressed gratitude to the participants for their active engagement. He noted that the established platform of scientific seminars at the faculty provides an opportunity to significantly contribute not only to the development of economic and management thought but also to practical frameworks that may assist the government in formulating effective policies aimed at economic development.
A series of scientific seminars has been launched at the YSU Faculty of Economics and Management, open to participation by the faculty members, undergraduate and graduate students from both YSU and other universities across Armenia.
