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From the birth of the human capital theory, economists were interested to find evidences showing the impact of the human capital on the economic output, discussing and debating more or less the effect of economic growth on the accumulation of human capital in the economy and the association between education and health. The paper aims to test several econometric models to explain the relationship between human capital and economic output. Using World Bank data, 17 countries with the fastest economic growth rate during 1960-2010 were selected. Four econometric models are tested to explain the accumulation of human capital as input and as effect of economic output. Correlation coefficients were calculated to highlight the association between education and life expectancy. The paper demonstrates that human capital, in his two components (education and health), in countries with a fast growth rate, are positively and strongly related to the economic output, in both senses, human capital being input and output of the economic growth. On the one hand, the economic growth adds to the resources available in the economy for improvements in health and education and, on the other hand, human capital is influencing significantly the economic output. Education and health are interrelated, being positively and strongly associated.

There is a general consensus that human capital is a major determinant of economic growth. Reflections on how human capital is related to growth can be extended by viewing on the market value of the human capital. The concept of the market value of human capital reflects the efficiency of allocation and utilisation of the human capital in the economy. To measure this efficiency the concept of the market value of human capital is explained and developed in the present paper. The aim of the paper is to introduce the concept of market value of human capital and the specific objectives are targeted to define his content, to propose a method for estimating it and to provide calculations of it for OECD countries. The concept of human capital is complex and multifaceted one, consisting of: native human capital (biological), educational capital, health capital and social skills (Neagu, 2010). Clearly, human capital is intangible, a stock that is not directly observable as physical capital. Therefore, the estimation of human capital must be constructed indirectly. The stock of human capital in economy creates economic value, expressed through the economic output per capita. In order to estimate this economic value we have to find an appropriate proxy for the human capital stock producing that value. In the purpose of our paper, we consider that the economic value of human capital can be estimated by calculating the aggregate value created by the active human capital in the economy. In this view, GDP per person employed is a relevant estimation of value created by the employed labour force. The aggregate value is created by the employed persons with different educational level. The market value of human capital is calculated by dividing the GDP per person employed to the human capital stocks active in the economy. The human capital stock depends on educational costs ( on primary, seconadry, tertiary education) as a the share of GDP per capita weighted by the employment rates. For OECD countries, the market value of their human capital was calculated for 1999-2008, showing their efficiency on utilisation of the human capital stock. The most efficient OECD countries are Australia Austria and USA and the less efficient are Mexico, Czech Republic and Hungary.The market value of human capital has a ascending trend in all OECD countries, reflecting the results of their efforts to valorise their human capital in employment. The originality of the paper consists on introduction the concept of the market value of the human capital, defining his content and providing estimates for OECD countries.As a concept, the market value of human capital of a country shows the ability of the economy to use the existent human capital to produce economic output. The market value of human capital reflects an aspect of the economic efficiency, by relating the economic output per person employed to the human capital per capita employed in the economy. It expresses the economic output per one unit of human capital, reflecting the aggregate perfomance of that economy.

The role of the human capital in the economy is highlighted in several studies of human capital, endonegneous growth and macroeconomic literature. A special part of this literature is dedicated to the mechanism and the various channels through wich human capital influences economic growth. As expression of the macroeconomic performance, the labour productivity depends on the accumulation of human capital in the economy. To analyze and discuss this dependency is essential for appropriate human capital policies aiming to stimulate the human capital accumulation in the economy and the enhancement of the labour productivity. The paper explores the link between labour productivity and the estimates of the human capital stock in the EU countries. Human capital theory explains the labour productivity level by the workers' level of educational attainment level. Four different effects of human capital on labour productivity can be found in economic literature: worker, allocative, difusion and research. Other researchers used a production function to estimate the productivity impact of changes in educational attainment. Research on the impact of human capital on productivity at the country level encountered many difficulties over the years. The main methodological issue is how to measure skills and human capital investment and to model possible channels of skills of influence the economic performance. The UNESCO attainment levels and enrollment series and other data sets, constructed by researchers, have been used in a large number of empirical studies of the link between education and productivity. What is innovative in the present study is the estimation of human capital stock based on educational costs by level(primary, secondary, tertiary) weighted by the proportion of labour force with corresponding educational attainment and the testing of linear regression model for the dependency of labour productivity on human capital stock. The assumption of the study is that the labour productivity is strongly and positively correlated with the human capital stock in the european economies. In order to confirm this, the following steps were completed: First, the appropriate method to estimate the human capital stock in the economy was identified and then, the estimations were calculated for the EU's countries, based on EUROSTAT data. Second, the correlations between statistical indicators of labour productivity and estimates of human capital stock, for each european countries were identified and discussed. Third, a regression linear model was tested for each of 22 european countries included in the study. A strong correlation between labour productivity and human capital stock, statistically tested through regression equations with data from EUROSTAT, was found. The variation of labour productivity can be explained in proportion of 85-95% by the variation of human capital stock, considering all other factors as constant. The added value of the paper consists of: (i) the estimation of human capital stock using the educational costs method for the european countries; (ii) the use of these estimates to show the correlation with the labour productivity levels and (iii) testing econometrical models of the dependency between labour productivity and human capital stock in 22 european countries. An interesting and useful task for future research is to explore the details of the institutional and incentive structure that best allocates a fixed amount of educational expenditures.

It was marked out that the investors should be prepared for permanent changes of the forms in which the risk can manifest itself from the evolution of market economy grounded in the industrialized countries: operational, financial, strategic risks are also added to the traditional exposition to chance, caused by a series of factors, as legislation modifications, certain standards and European codes, the risks imposed by the evolution of the new economy, pressures that emerge in the personnel policy domain, the new needs for technical equipment, the costs efficiency, the spontaneous (unexpected, unplanned) economical events. It is interesting to analyze in what measure one can talk about the risk management in the strategies to attract the foreign investors in this context. This supposes an additional effort of the authorities to identify and subsequently eradicate the risk that could emerge in the case of some direct foreign investments in Romania.