ESTIMATING SOCIAL RATE OF RETURN ON EDUCATION IN RUSSIA IN VIEW OF LIFE EXPECTANCY
V.A. Semenikhina, I.N. Karelin, A.V. Koritskiy
Novosibirsk State University of Architecture and Civil Engineering, Leningradskaya Str., 113, Novosibirsk, Novosibirsk Region, 630008
Keywords: human capital, extended production function, macroeconomic analysis
Abstract
The article analyses the influence of human capital on population’s income in Russian regions. Extended Cobb-Douglas production function has been used to estimate the influence of educational level on citizens’ income. Regional statistical data for 2003-2012 have been used to calculate spatial regressions. Conducted macroeconomic research showed a positive correlation between average monthly wage, income and consumer spending per person in regional economy having an average educational level. The research also showed a negative correlation between life expectancy and average monthly wage and a positive correlation between average income and consumer spending per person.
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