Abstract
The article is devoted to the role of higher education in the formation and development of human capital in the conditions of innovative development of economy. In particular, this article reveals the essence of the concept of “human capital” and offers the author's interpretation taking into account the modernization of higher education. The author has shown that the innovative development of the economy largely depends on investment in human capital. Today, the main share of national wealth and the level of development of the country is determined by human capital. The key figure here is an educated, competitive, proactive, creative, and qualified person. Higher education plays the role of an environment where the interests of both society and the individual interact. During the period of active development of innovation, many members of society have to generate new knowledge, and even more people have to use this knowledge. Knowledge is the main environment in which modern society functions and develops. The development of human capital, the improvement of production, and the active introduction of innovations in almost all spheres of human life form the basis for further development of the innovative economy and become the basis for abandoning the country's raw material specialization, which, in turn, contributes to solving problems of health, science and education.