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VHSRDWHHVWLPDYDORDUHDSUH]HQW DXQXLYHQLW91FDUHYDILRE LQXWSHVWHXQDQ'DUDDFXPVHREVHUY vQ figura1, att
FRVWXULOHFkWLEHQHILFLLOHDXvQYHGHUHPDLPXO LDQLFHHDFHSHUPLWHRH[Wensie a formulei, astfel:

Vp =
unde E1, E2En UHSUH]LQW

E1
E2
En
+
+  +
1+ i
(1 + i ) 2
(1 + i ) n

 FUHWHULOH GH FkWLJ VFRQWDW D VH RE LQH vQ SULPXO DO GRLOHD DO Q OHD DQ  LDU Q VSHUDQ D

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beneficii. Criteriul relevant al deciziei de a investi legat de algoritmul de actualizare prezentat are n vedere posibilitatea
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capitalul umanQRWDW

FXUFDUHVHPDLQXPHWHLUDQGDPHQWHFRQRPLFDOLQYHVWL LHLvQFDSLWDOXO

uman.

5DWD LQWHUQ  GH UHFXSHUDUH D LQYHVWL LHL vQ FDSLWDOXO XPDQ HVWH DFHD UDW  GH DFWXDOL]DUH SHQWUX FDUH YDORDUHD QHW
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r
ILH]HUR Vom

DYHDDVWIHOXUP WRDUHDUHOD LH

Vp =

unde r LQGLF

E1
E2
E3
E4
+
+
+
= 0
(1 + r)
(1 + r )2
(1 + r )3
(1 + r )4

 GH IDSW FHD PDL PDUH UDW  D GREkQ]LL FDUH SRDWH IL SO WLW  SHQWUX

ILQDQ DUHD LQYHVWL LHL vQFDSLWDOXOXPDQ&XDOWHFXYLQWH

r SRDWHILGHILQLW

a mprumuta banii necesari pentru

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VSRUXOXL YHQLWXULORU YLLWRDUH HJDOHD]  FRVWXULOH SHQWUX HGXFD LH VDX vQ WHUPHQL PDL JHQHUDOL alte elemente ale capitalului
uman. Luarea unei decizii adecvate presupune compararea lui i cu r $VWIHO GDF r > i DWXQFL LQYHVWL LD HVWH SURILWDELO 
'DUGDF  r < iDWXQFLLQYHVWL LDQXHVWHSURILWDELO LFDDWDUHQXWUHEXLHOXDW RDVWIHOGHGHFL]LHGHLQYHVWL LH'DF FLQHYD
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cel mult n punctul n care r = i.

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,19(67,

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PE TERMEN LUNG

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F GDF vQDQXOvQ0DUHD

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1989,

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DX vQFHUFDW V  FXDQWLILFH FRQWULEX LD FDSLWDOXOXL XPDQ OD

VSRULUHD EXQ VW ULL VRFLDOH

capitalului
uman la
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ale lumii din punct de vedere al nivelurilor de dezvoltare - cuantificate, de

UHJXO  SULQ GLVFUHSDQ HOH H[LVWHQWH OD LQGLFDWRUXO 31%ORFXLWRU - pot fi
H[SOLFDWH L SULQ GLIHUHQ HOH H[LVWHQWH vQ vQ]HVWUDUHD FX IDFWRUL L vQ VSHFLDO vQ

nzestrarea cu capital uman.

5DWDVRFLDO

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de recuperare ED]HD]  vQ SULQFLSLX WRW SH R DQDOL]  GH WLS FRVW-beneficiu FD vQ DERUG ULOH
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costurileYRUWUHEXLV LQFOXG LFRQWULEX LDSXEOLF LQFOXVLYVXEYHQ LLOHVDXDOWH
capitalul
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HGXFD LHLQGXFHbeneficii sociale semnificative.

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ntr-R DQXPLW  SHULRDG  GH WLPS GH UHJXO  XQ DQ &i 5HOD LD GH FDOFXO YD IL
deci de tipul:

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capitalul uman

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ri C i
i
Ci
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Ci = Ei (Ci + Wi-1 )
cu i = p, s, h
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rata

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PRODUSUL MARGINAL AL CAPITALULUI UMAN poate fi definit prin sporul

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Indicele
GH]YROW

,$1&$3,7$/8/80$1,,1',&(/('('(=92/7$5(80$1

l 1990, a prefigurat o
, n
nivelul de instruire.

PHWRGRORJLH VSHFLILF  SHQWUX GHWHUPLQDUHD XQXL LQGLFH DO GH]YROW ULL XPDQH

ULL

FDUHXQDGLQWUHYDULDELOHOHVHPQLILFDWLYHRUHSUH]LQW

umane

'(=92/7$5($80$1

oamenii au

SRDWHILGHILQLW vQVHQVODUJGUHSWSURFHVXOSULQ

care

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respectiv, a unui VWDQGDUGFkWPDLGHFHQWGHYLD ".

Raportul de dezvoltarH XPDQ

 SXEOLFDW vQ DQXO  SUH]LQW  DWkW R LHUDUKLH D

VWDWHORU OXPLL vQ UDSRUW FX LQGLFHOH GH GH]YROWDUH XPDQ  vQ DQXO  FkW L R
HYDOXDUH D HYROX LHL vQUHJLVWUDWH

n deceniul 1990-1999 SHULRDG  vQ FDUH V-au

elaborat aceste rapoarte. n Raportul SXEOLFDW vQ DQXO  FDUH FRQ LQH GDWH

UHIHULWRDUHODDQXO5RPkQLDVHDIO DPSODVDW SHSR]L LDILLQGvQFDGUDW 

vQFDWHJRULD

ULORUFXXQQLYHOPHGLXGHGH]YROWDUHXPDQ

(Tabelul nr. 25. 1).

Tabel nr. 25.1

,QGLFHOHGHGH]YROWDUHXPDQ
2UGRQDUHD

ULORU

n raport cu
indicele de

Indicele

Indicele

VSHUDQ HL

HGXFD LHL

vQD

nul 1999
Indicele PIB ului

PHGLLGHYLD

GH]YROWDUHXPDQ

Valoarea
indicelui de
dezvoltare
XPDQ

,'8

UL FX XQ QLYHO

nalt al IDU :
1. Norvegia
2. Australia
3. Canada
4. Suedia
5. Belgia
6. S.U.A.
7. Islanda
8. Olanda
9. Japonia
10. Finlanda
11. (OYH LD
12. Luxemburg
13. )UDQ D
14. Regatul Unit
15. Danemarca

0,89
0,90
0,89
0,91
0,89
0,86
0,90
0,88
0,93
0,87
0,90
0,87
0,89
0,87
0,85

0,98
0,99
0,98
0,99
0,99
0,98
0,96
0,99
0,93
0,99
0,94
0,90
0,97
0,99
0,98

0,94
0,92
0,93
0,90
0,92
0,96
0,94
0,92
0,92
0,91
0,94
1,00
0,91
0,90
0,93

0,939
0,936
0,936
0,936
0,935
0,934
0,932
0,931
0,928
0,925
0,924
0,924
0,924
0,923
0,921

16. Austria
17. Germania
18. Irlanda
19. 1RXD=HHODQG
20. Italia
21. Spania
29. Slovenia
5HSXEOLFD&HK

35. Slovaciaia
36. Ungaria
38. Polonia
44. Estonia
&URD LD

47. Lituania

0,88
0,88
0,86
0,87
0,89
0,89
0,84
0,83
0,80
0,77
0,80
0,76
0,81
0,78

0,96
0,97
0,96
0,99
0,94
0,97
0,94
0,89
0,91
0,93
0,94
0,94
0,88
0,93

0,92
0,91
0,93
0,88
0,90
0,87
0,85
0,81
0,78
0,79
0,74
0,74
0,72
0,70

0,921
0,921
0,916
0,913
0,909
0,908
0,874
0,844
0,831
0,829
0,828
0,812
0,803
0,803

0,75
0,73
0,69
0,76
0,75
0,69

0,93
0,92
0,92
0,90
0,88
0,90

0,69
0,71
0,72
0,66
0,68
0,50

0,791
0,782
0,775
0,772
0,772
0,699

UL FX XQ QLYHO

mediu al IDU
50. Letonia
53. Belarusia
55 Rusia
57. Bulgaria
58 Romnia
98 Moldova

Sursa: Human Development Report 2001, p. 141-143

&X WRDWH F  HVWH FODVDW  SH XOWLPXO ORF vQ UDSRUW FX YDORDUHD LQGLFHOXL GH
GH]YROWDUH XPDQ  ,'8 vQ UkQGXO FHORU DSWH

UL DIODWH vQ WUDQ]L LH JUXSDWH vQ

rndul statelor cu un nivel mediu al IDU, Romnia a nregistrat, n perioada

1990-FHDPDLPLF YDORDUHQHJDWLY DPRGLILF ULLLQGLFHOXLGHGH]YROWDUH
XPDQ 7DEHOXOQU

0RGLILFDUHDLQGLFHOXLGHGH]YROWDUHXPDQ

WUDQ]L LHFDUHDXXQLQGLFHPHGLXGHGH]YROWDUHXPDQ
UL

Modificarea indicelui de
GH]YROWDUHXPDQ

Tabel nr. 25.2

-europene aflate n
vQSHULRDGD-1998

vQDSWHGLQWUH

ULOHHVW

9DORDUHDLQGLFHOXLGHGH]YROWDUHXPDQ
UDQJXOGH LQXWGHILHFDUH DU
GH

&URD LD

Lituania
Belarus
Bulgaria
Rusia
Letonia
Romnia

0,008
-0,020
-0,024
-0,010
-0,041
-0,026
-0,001

vQFDGUXOFHORU

ULDQDOL]DWH

0,795 / 49
0,789 / 52
0,781/ 57
0,772 / 60
0,771 / 62
0,771 / 63
0,764 / 64

Sursa: National Human Development Report. ROMANIA 2000, UNDP, Country Office Romania, 2000, p.20

'DWRULW FRPSOH[LW

LLLLPSOLFD LLORUVDOHSURFHVXOGHDGHUDUHD5RPkQLHLOD

8(  WUHEXLH V  ILH DQDOL]DW FHO SX LQ GLQ SHUVSHFWLYD D

trei dimensiuni cheie

pentru strategiile adoptate n acest sens (figura 25.1):

'H]YROWDUHDXPDQ 
2EXQ JXYHUQDUH
8QU VSXQVHFRQRPLFDGHFYDW.
Figura 25.2 Dimensiunile strategiei propuse pentru acceptarea Romniei n cadrul UE

2%81

*89(51$5(

63816

ECONOMIC
ADECVAT

DEZVOLTARE
80$1

Sursa: National Human Development Report. Romania 2000, UNDP, Country Office Romania, 2000, p.26

n opinia lui Gerardo Berthin, autor al National Human Development Report.

ROMANIA 2000, 6LQHUJLDLDUWLFXODUHDDFHVWRUWUHLGLPHQVLXQLYRUDVLJXUD
premise favorabiOH SHQWUX FD DF LXQLOH JXYHUQDPHQWDOH V  FRQGXF  OD
DFFHSWDUHD 5RPkQLHL FD PHPEUX vQ 8( L OD DVLJXUDUHD XQHL GH]YROW UL XPDQH

sustenabile pe termen lung.

%,%/,2*5$),(6(/(&7,9

G.Becker

&DSLWDOXO XPDQ 2 DQDOL]

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 WHRUHWLF

 L HPSLULF

 &X UHIHULUH VSHFLDO

 OD

, Editura All,1998

R.Craword

In the era of human capital. The emergence of Talent, Intelligence and

Knowledge as the worldwide economic force and what it means to
managers and investors, Harper Collins Publishers, New York, 1993

Colectivul Catedrei de
Economie L 3ROLWLFL
Economice

(FRQRPLH(GL LDD9 D(GLWXUD(FRQRPLF %XFXUHWL

Colectivul Catedrei de

Economie -$SOLFD LL(GL LDD,,,-D(GLWXUD(FRQRPLF

%XFXUHWL

(FRQRPLHL3ROLWLFL

Economice
Colectivul Catedrei de 'LF LRQDU GH (FRQRPLH HGL LD D ,,-D (GLWXUD (FRQRPLF
Economie L 3ROLWLFL 2001
Economice
***

 %XFXUHWL

5DSRUWXOGH]YROW ULLXPDQHvQ5RPkQLD*XYHUQXO5RPkQLHL%XFXUHWL

1999
***

Human Development Report 1999, 2001, Oxford University Press,

Oxford, 1999, 2001

***

Investing in People. How to get started, London WIM 9 DE, UK, 1995

NTREB

5,'($872(9$/8$5(

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Care este formula de calcul a UDWHL VRFLDOH GH UHFXSHUDUH DLQYHVWL LHLvQFDSLWDOXO
XPDQLFHVHPQLILF "

3UH]HQWD LFRQ LQXWXOLQGLFHOXLGH]YROW ULLXPDQH

&DUH HVWH QRXO WLS GH HFRQRPLH VSUH FDUH VH vQGUHDSW  RPHQLUHD vQ FRQGL LLOH

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$QDOL]D L FRPSDUDWLY LHUDUKL]DUHD VWDWHORU OXPLL vQ UDSRUW FX

GLIX] ULLLQIRUPD LLORULFXQRWLQ HORU"

GH]YROWDUHXPDQ

XWLOL]D LWDEHOXOGLQOHF LH

indicele de