Subject. Currently, as the global economy evolves, its innovative components should demonstrate a tendency of accelerated growth as intellectual capital, information technologies, increasing knowledge and digitization of mushrooming production processes. Nowadays, intellectual capital is one of the economic development drivers. However, the economic community is found to have no generally accepted wording of the concept, thus laying the basis for this article.
Objectives. The study sums up the analysis of approaches used by the Russian and foreign economists to determining the economic substance of intellectual capital. We also identify the importance of human capital as its components and specify the definition of the concept.
Methods. The article overviews and analyzes proceedings by the most renowned authors, which substantiate how the economic substance of intellectual capital should be unveiled, and suggest its definitions.
Results. We specified the definition of intellectual capital concerning the current economic development. We suggest integrating a new component into intellectual capital, such as intellectual property, which includes products of intellectual activity and intangible assets. They can be owned by the entity or other legal entities and individuals, including some employees of the entity.
Conclusions and Relevance. The specified definition of intellectual capital will help address issues of sustainable economic development and ensure the competitiveness of the Russian entities nationwide and worldwide, since it directly contributes to intellectual capital and its components.
Growth vs. level effect of population change on economic development: An inspection into human-capital-related mechanisms
