INTELLECTUAL CAPITAL IS A FUNCTION OF INNOVATION AND COMPETITIVENESS OF THE NATIONAL ECONOMY

In the second half of the twentieth century, there was a strong development of science, as well as the advance and spreading of technology, which have been recognized as key factors in determining the power and competitiveness of the national economy. One of the main reasons of certain countries coming to their wealth is the level of development of technology. The sole development of science and technology is not enough, but the development of a country depends on the socio - economic system, on its size, on the level of economic development, and on its capabilities to include a larger or smaller number of people in the field of scientific research and development process, as well as on the investments in those fields. Knowledge and modern technology are key factors of competitiveness of the economy to international markets and the increase of exports of technology products and services in international trade. Investments in human capital and technology contribute to economic growth and are a significant factor for innovation - driven national economy.