Michasova O.V.Lobachevsky State University of Nizhny Novgorod - National Research University, National Research University - Higher School of Economics, Nizhny Novgorod, Russian Federation michasova@mm.unn.ru
Importance Modernization of the Russian economy, transition to the knowledge economy attract a lot of attention to the roles of creation and knowledge management in the economic development. The development of human capital as a direct part of the process becomes the central issue for policy makers, scientists and researchers, both at the level of the whole country and in separate regions. Objective The purpose of the article is to find an answer to the question: whether, and how, the human capital influences the economic growth in the regions of Russia? I have examined the data of the Federal State Statistics Service related to the economic and social development of the regions of Russia. Methods Using correlation analysis, I have analyzed the relationship between investment in education and the demand for human capital. In addition to the above, I have used the indicators of enrolment at the various levels of education, the number of personnel engaged in research and development, and the share of internal expenditures, allocated for the research and development of the gross regional product, population density, an unemployment rate and average rate of growth of the gross regional product. Also by using the method of least squares, I have constructed the econometric models that characterize the relationship between economic growth and human capital from the perspective of neoclassical theory of economic growth (augmented Solow - Swan model, Nelson - Phelps model). Results The results suggest that the stock of human capital is a significant factor for economic growth, but in the considered time interval from 2003 to 2010, the regions of Russia have not witnessed the "quick start" effect, i.e. there is no alignment of the productivity and number of staff involved in research and development. Conclusions and Relevance This goes to prove that a successful modernization of Russian economy needs providing of more attention to the development of enterprises and the research infrastructure in the regions, nor only in the leading territorial subjects - Moscow and St. Petersburg.
Keywords: economic growth, human capital, innovations, mathematical model, Solow economic growth model, econometric model
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