Development of the human capital, formation of an open-minded intelligent personality and quality workforce is affected by a number of objective factors. Development of human capital of a country depends greatly on the expanding role of education and the increasing performance efficiency of the education system. Shaping personality is the primary mandate of education in a democratic society, based on subtle mind and personality – it is in the process of education where the spiritual, cultural and material values accumulated over previous generations are transferred to the next generation and new values are created and introduced. The socio-economic nature of education in forming human capital can be expressed as a set of regularities that refers to formation and functioning of labour force (human resources) and corresponds to the present needs and opportunities. The competitiveness of an economy is defined by the quality of the national human capital and not the natural resources. The entrepreneurship potential, management flexibility and effectiveness depend on people, their education level and experience. Awareness of laws of economics that determine the progress of society allows for a scientific substantiating management of education system development in a society, ensuring alignment of a person’s private and public needs. This refers both to education process and use of labour force, tangible and intangible production, as well as creation of gross national product and the values of the society.