Regional Economics: Theory and Practice
 

A statistical model of dependence of income on educational level in modern-day Russia

Vol. 16, Iss. 12, DECEMBER 2018

Received: 30 July 2018

Received in revised form: 21 August 2018

Accepted: 18 September 2018

Available online: 14 December 2018

Subject Heading: ECONOMIC-MATHEMATICAL MODELING

JEL Classification: J24, J41

Pages: 2349–2368

https://doi.org/10.24891/re.16.12.2349

Antonenko V.V. Volgograd State University (VolSU), Volgograd, Russian Federation
avv1@mail.ru

ORCID id: not available

Antonov G.V. Volgograd State University (VolSU), Volgograd, Russian Federation
antonovgv@mail.ru

ORCID id: not available

Subject This article discusses the issues related to the effectiveness of investment in the human capital of modern-day Russian young people.
Objectives The article aims to compare educational levels and incomes of representatives of the economically active population of the Volgograd Oblast.
Methods The study is based on a mass sociological survey of a representative sample and subsequent statistical analysis of the primary and categorized data.
Results The article reveals a weak but statistically valid positive correlation between income and educational level, which is independently manifested in almost all groups of economically active population.
Conclusions Investments in higher education by young people in modern-day Russia are too long payback periods and do not guarantee an increase in income in the future. The level of education has some influence on incomes of the working population of the region, but it is not possible to estimate the economic effect of such influence. The economic feasibility of significant investments in higher education by an overwhelming majority of modern Russian youth remains unproven. The results obtained can be used when forming a regional social and economic policy, in particular in the sphere of education, labor, and prudent management of human capital.

Keywords: human capital, investment efficiency, elements, investment in education, applied statistics

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