International Journal of Organizational Leadership

Abstract

The notion of “human capital asset” implies an approach to a human who realizes all his creative potential in various fields of activity. Human capital asset plays a critical role in reduction of transaction expenses as well as transformation expenses. In the first case, institutional and social capital and in the second case, the labor, intellectual, and institutional capitals of personality are involved. Objective process of establishment and development of post-industrial economic relations predetermines increase of role and significance of intellectual capital of an individual under relative decrease of labor capital impact on activity. In its turn, this will result in increase of impact of institutional and social capitals aimed at minimization of transaction expenses of production of competitive goods, works, and services. In the current study, the matters of economic development of regions using the cluster approach based on intellectual capital growth are highlighted; petrochemical cluster of one of the Russian Federation regions – Republic of Tatarstan – is provided for illustrative purposes.  Nowadays, key attention is paid to economic development of regions; special emphasis is laid on innovative development of regions based on intellectual capital’s growth to receive additional competitive advantages in the age of globalization of world economic relations.