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ECO journal (ECOnomics and industrial Engineering)

2018 year, number 2

Are the Returns to Human Capital Assets in Russia Really Great?

A. V. Koritsky
Novosibirsk State Technical University
Keywords: человеческий капитал, производственная функция, отдача фонда образования, Нuman capital, production function, returns to the education fund


The article gives an estimate to the reproduction cost of education in Russian regions. The regression analysis of the linearized macroeconomic production function carried out in the research has made the calculation of the returns to physical and human capital possible. As a result, the elasticity coefficients of the population income in terms of fixed assets and education fund are approximately equal. It has been concluded that the effects of fixed assets and education fund in monetary estimation on the incomes of the population of the Russian regions are approximately the same. In the meanwhile, the aggregate investments in education, both public and private, are several times lower than fixed asset investment.