HUMAN CAPITAL IN ROMANIA - BETWEEN CAPITALISATION AND DISSIPATION - A RETROSPECTIVE APPROACH OVER THE LAST CENTURY Valentina VASILE  Ana-Maria CIUHU  Elena BĂNICĂ  Abstract A century of human capital evolution in Romania, from the labour market perspective, meant the transition from the strictly quantitative approach, namely from the labour force / labour resources (due to the emergence of the unemployment phenomenon, but also the industrial relations development) to the integrative human capital one (tangible and intangible) in which skills (professional and those so called „soft”) and lifelong learning are associated with technology transfer while decent and efficient employment becomes conditionality to company efficiency. The labour market was developed as the most regulated market, highly dependent on the business environment and labour demand in number and/or skills. Being related to technological transfer human capital becomes a factor of performance and development through its three dimensions: quantitative (indicators that quantify employment and labour), qualitative (the efficiency of labour as production factor and the comparative advantages of education) and behavioural (aspects of industrial relations), in both micro and macroeconomic approach. The paper aims to present the evolution and main peculiarities of the human capital in Modern Romania during the last 100 years, focussed on economy profile - competitive / market oriented (1918- 1947 and after 1989) or centralized (1948- 1989). How much we gain and lost in preserving, valuing and efficient allocation of the most valuable asset of a nation? Finally, looking forward to economic, social and societal challenges we are desingning some benchmarks and select few relevant policy recommendations for responsible and accountable management of this wealth of the nation. Keywords: human capital, labour market, education for labour market, efficiency, wealth of a country. 1. Introduction – Conceptual development of human capital in Romania At the end of the nineteenth century and the beginning of the twentieth, the workforce was strictly considered a classic production factor, predominantly structured according to the Taylorist system and valued us such. From the perspective of human capital and of the labour market performances, Romania has experienced an accelerated process of integration in Europe. International Labour Organisation (ILO) work regulation directives created the framework for countries’ labour market modernisation and its equilibrium and it was also in the concerns of the decision-makers after Modern Romania settlement in the new borders (after December 1918). The need for matching the educational system with the labour demand was mentioned for the first time in 1921: "adapting the schools to the local needs of the work element, depending on culture, age, gender, and profession, which alone accommodates and produces results, enlightening the working mass so that it can respond to the economic and social needs of time" (BMOS1920-1921, p.410). From the labour market perspective, a century of human production factor evolution, meant the transition from the strictly quantitative approach,  Professor, PhD, The Faculty of Economc Sciences, “Nicolae Titulescu” University, Bucharest; senior researcher I, Institute of National Economy-Romanian Academy (e-mail: val.vasile.ien@gmail.com);  PhD candidate, SCOSAAR; National Institute of Statistics (e-mail: dobre.anamaria@hotmail.com);  PhD candidate, SCOSAAR; National Institute of Statistics (e-mail: elenabanica77@gmail.com); namely from the labour force concept to the integrative one i.e human capital (tangible and intangible). From quantitative approach – i.e number of employed persons and unemployed as main determinants of the labour supply demand, we are considering in the present also skills (professional and those so-called „soft”) and adaptability potential - lifelong learning. Because competitiveness is the main conditionality for a sustainable company development, from the human capital perspective, the technological transfer is associated not only with matched employment but also with decent and efficient employment The human capital becomes a factor of performance and potential for development through its three dimensions: quantitative (indicators that quantify employment status and labour force), qualitative (the efficiency of labour as production factor, i.e productivity and the comparative advantages of education i.e skills mismatch) and behavioural (aspects of industrial relations i.e work conditions, social dialogue etc), at both micro and macroeconomic approach.