Human capital and the effectiveness of investments in it
Research Article
How to Cite
Maksimova I.V., Simagin Y.A. Human capital and the effectiveness of investments in it. Population. 2024. Vol. 27. No. 3. P. 111-123. DOI: https://doi.org/10.24412/1561-7785-2024-3-111-123 (in Russ.).
Abstract
The article presents the results of research on the assessment of human capital, its role in the economic development of countries and the effectiveness of public investments in healthcare and education. The first part of the article reveals the essence of modern ideas about human capital; provides indicators and methods for its assessment, describes research methods. In the second part, the main results of the study are presented and their detailed analysis is presented. In particular, the authors emphasize that the assessment of human capital demonstrated its lower values in Russia compared to a number of economically developed countries of the world, mainly due to a higher incidence of infectious diseases, higher infant mortality and lower life expectancy. The conclusion is made about the dominant influence on economic growth in Russia of the cognitive part of human capital in comparison with its physical part. Based on the results of the conducted research, it was concluded that the effectiveness of state investments in human capital in Russia is higher than in a number of economically developed European countries, as well as in the USA and Japan. In differentiation by federal districts of Russia there was revealed a significant asymmetry in the value of the human capital indicator, which may be due, among other things, to different amounts of public investment in health and education per capita, as well as to the traditional for Russia very significant regional differentiation in most socio-economic indicators, including human capital.
Keywords:
human capital, cognitive capital, physical capital, economic growth, public investment performance
References
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3. Janczyk-Strzała Е. O koncepcji zarządzania kapitałem intelektualnym uczelni [About the concept of intellectual capital management of the University]. Prace Naukowe Uniwersytetu Ekonomicznego we Wrocławiu [Research Papers of Wrocław University of Economics]. 2014. January. Р. 194–202. DOI: 10.15611/pn.2014.366.18 (in Polish)
4. Angrist N., Dzhankov S., Goldberg P. K. Measuring human capital. Working Paper on Policy Research. The World Bank. Washington. 2019. No. 8742. Р.1–8. DOI: 10.2139/ssrn.3339416
5. Akyol P., Krishna K., Jinwen W. Taking PISA seriously: How accurate are low stakes exams? National Bureau of Economic Research. 2018. August (8). P. 1–31. DOI: 10.3386/w24930
6. Zhao X. The influence of shadow education on cognitive ability and non-cognitive ability. Modern Economy. 2019. Vol. 10. No. 3. Р. 945–961. DOI: 10.4236/me.2019.103063
7. Kelchevskaya N. R., Shirinkina E. V. Regional’nyje determinanty effektivnosti ispol’zovaniya chelovecheskogo kapitala v tsifrovoj ekonomike [Regional determinants of effective use of human capital in the digital economy] Ekonomika regiona [Economy of Regions]. 2019. Vol. 15. No. 2. Р. 465–482. DOI: 10.17059/2019-2-12 (in Russ.)
8. Hendricks L., Schoellman T. Human capital and development accounting: New evidence from wage gains at migration. The Quarterly Journal of Economics. 2018. Vol. 133. Iss. 2. Р. 665–700. DOI: 10.1093/ qje/qjx047
9. Zhang Y., Kumar S., Huang X. Human capital quality and the regional economic growth: Evidence from China. Journal of Asian Economics. 2023. Vol. 86. Р. 101593. DOI: 10.1016/j.asieco.2023.101593
10. Asghar N., Danish M. H., Rehman H. U. Human capital and labour productivity. A case study of district Lahore. Journal of the Punjab University Historical Society. 2017. No. 30(1). Р.147–163.
11. Alatas S. The effect of human capital on economic growth: A panel data analysis. Journal of Administrative Sciences. 2016. No. 14(27). Р. 539–555. DOI: 10.14689/ejer.2021.93.7
12. Ma Y., Shang M., Yang F. Exploration of the role of human capital in China’s high-quality economic development and analysis of its spatial characteristics. Sustainability. 2023. Vol. 15. Iss. 5. Р. 3900. DOI: 10.3390/su15053900
13. Veselinović N., Krstić В., Rađenović Т. The impact of human capital value on human capital efficiency and business performance. Facta Universitatis. Series: Economics and Organization. 2022. Vol. 19. No. 1. Р. 13–26. DOI: 10.22190/FUEO211118002V
14. Cunha F., Heckman J. J., Lochner L., Masterov D. V. Interpreting the evidence on life cycle skill formation. Handbook of the Economics of Education. 2006. Vol. 1. Р. 697–812. DOI: 10.2139/ssrn.766744
15. Pelinescu E. The impact of human capital on economic growth. Procedia. Economics and Finance. 2015. Vol. 22. Р.184–190. DOI: 10.1016/S2212-5671(15)00258-0
16. Borowski A. Methods of human capital measurement. Managing Intellectual Capital and Innovation for Sustainable and Inclusive Society. 27–29 May 2015. Bari. Italy. Р. 571–577.
17. Arshed N., Rehman H. Ur, Nazim M. Evading lave of diminishing returns, a case of human capital development. Journal of Contemporary Issues in Business and Government. 2021. No. 27(5). Р. 2569– 2584. DOI: 10.47750/cibg.2021.27.05.133
Article
Received: 05.05.2024
Accepted: 23.09.2024
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APA
Maksimova, I. V., & Simagin, Y. A. (2024). Human capital and the effectiveness of investments in it. Population, 27(3), 111-123. https://doi.org/10.24412/1561-7785-2024-3-111-123
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CONDITIONS AND QUALITY OF LIFE OF POULATION
