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Economic Analysis: Theory and Practice
 

Relationship of economic growth and the level of human capital development: A regional aspect

Vol. 21, Iss. 9, SEPTEMBER 2022

Received: 14 July 2022

Received in revised form: 26 July 2022

Accepted: 8 August 2022

Available online: 29 September 2022

Subject Heading: ANALYSIS OF HUMAN CAPITAL

JEL Classification: E24, J24

Pages: 1603–1616

https://doi.org/10.24891/ea.21.9.1603

Ol'ga P. SMIRNOVA Institute of Economics of Ural Branch of Russian Academy of Sciences, Yekaterinburg, Russian Federation
smirnova.op@uiec.ru

https://orcid.org/0000-0001-6965-8028

Lyudmila K. CHESNYUKOVA Ural State University of Economics (USUE), Yekaterinburg, Russian Federation
uvl70@yandex.com

https://orcid.org/0000-0002-8867-9112

Subject. In conditions of uncertainty, human capital becomes the main factor of labor productivity and economic growth. The article considers relationships between the efficiency of the economy and the level of human capital development of subjects of the Ural Federal District.
Objectives. The purpose is to assess the impact of human capital on the economic growth of subjects of the Ural Federal District through indicators of gross regional product, income indices, longevity, health, and education.
Methods. The study employs econometric, correlation and regression, statistical, and logical analysis.
Results. We assessed the influence of various variables of human capital on economic growth, analyzed the statistical significance of the results, revealed a gap between the subjects of the Ural Federal District.
Conclusions. Human capital has a positive impact on economic growth in terms of competitiveness and job creation. The obtained multiple regression equations are generally positive, indicating a positive trend in the influence of human capital on economic growth. The components of human capital have become the most significant factors, determining the pace of economic growth in the Tyumen Oblast and the Khanty-Mansi Autonomous Okrug. They do not have a specific impact on the Yamalo-Nenets Autonomous Okrug.

Keywords: human capital, correlation, regression, modeling

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