Аннотация
Purpose. This study aims to substantiate the priority of the generative role of human capital in the contemporary economy, where technological change is driven by digitalization, automation, and artificial intelligence, and mediated by the quality of knowledge, skills, and institutional conditions. Design/methodology/approach. The research employs a mixed methodological approach combining theoretical and conceptual analysis of human capital evolution with comparative and index-based analysis of international data. The empirical base includes the World Bank Human Capital Index, OECD data on productivity and innovation, and selected micro-level studies on innovation mechanisms. Findings. The results indicate that countries with similar levels of technological development demonstrate significantly different innovation outcomes depending on the quality of human capital and its institutional integration. Two models are identified: an adaptive model focused on the reproduction of imported technologies, and a generative model based on the creation of new technological and organizational solutions. Kazakhstan is positioned between these models, with fragmented realization of human capital due to institutional gaps between education, the labor market, and the innovation system. Originality. The study contributes to the literature by redefining human capital as a system-forming factor in the new technological paradigm, emphasizing its generative function in fostering innovation, structural transformation, and sustainable economic growth. Key words: human capital; new technological paradigm; digital economy; innovative development; generative function.