Daria Avdeeva1
  • 1 National Research University Higher School of Economics, 20 Myasnitskaya Str., Moscow, 101000, Russian Federation

The Contribution of Human Capital to Economic Growth in Russia

2024. Vol. 28. No. 1. P. 9–43 [issue contents]
Human capital, which includes knowledge, skills and abilities of workers, is one of the key factors of economic growth. However, the quantitative estimates of its contribution to economic growth in Russia are few in number and have various limitations resulting from the ap proaches and data used. This paper presents new estimates of the contribution of human capital to economic growth, reflecting its impact on the productivity of workers. To measure the dyna­mics of human capital, I use an index that characterizes the education of workers and the health of adults. Inclusion of other human capital measures is limited by the availability and quality of data. To measure the human capital contribution, I use growth accounting. According to the results, in 2004–2017 the average contribution of human capital to the growth of Russian eco­nomy was about +0,6 p.p. The highest contribution was in the second half of the 2000s. During this period, a number of favorable factors facilitated the accumulation of human capital. These factors include the preceding increase in personal incomes and the large generations of young and educated workers entering the labor market. However, in the 2010s economic and demographic factors worsened, human capital accumulation slowed, and by 2018–2019 its contribution to economic growth became close to zero. The subsequent decline of population health during the coronavirus pandemic negatively affected the economic growth rates in 2020–2021.
Citation: Avdeeva D. (2024) Vklad chelovecheskogo kapitala v rost rossiyskoy ekonomiki [The Contribution of Human Capital to Economic Growth in Russia]. HSE Economic Journal , vol. 28, no 1, pp. 9-43 (in Russian)
Rambler's Top100 rss