Abstract
A method has been proposed to form optimal structure of regional state investments, which contributes to strategic goals and objectives of socio-economic development of a region through advanced development of human capital. The dynamic model has been considered representing a mathematical programming problem, which describes in form of recurrent dependences chain of channels of influence: the structure and volume of investments→the indicators of regional human capital→the indicators for socio-economic development of a region. The weighted average of degrees in achieving target values of resulting indicators of socio-economic development of a region on considered horizon of planning has been used as objective function. Recurrent dependences are lag econometric models of panel data involving main components. To construct three types of models (the through models, those with deterministic and random spatial effects) using Best Subset method, open-source software R was employed. The best models were chosen with help of tests by Wald, Hausman, and Breusch–Pagan. The limitations within model are a series of assumptions about processes of development of human capital and socio-economic development considering uncertainties. The optimization variables are shares of distribution of investment resources based on investment directions and years. Based on results of modeling and numerical calculations on example of several regions of Russia in dynamics over years, optimal investment structure has been proposed. A given structure enables making maximum progress towards achieving target values of strategic indicators of development of a region through development of human capital
Highlights
Under conditions of the increased competition between entities in different markets, there is a necessity to form new competitive advantages
The main indicator of the effectiveness of the use of human capital is the level of development of a territory, which is expressed by the main indicators of socio-economic development
The prominent scholars of human capital theory made a great contribution to the development of views on the role and place of investment in the development of human capital (IHC) and the acceleration of economic growth on this basis
Summary
Under conditions of the increased competition between entities in different markets, there is a necessity to form new competitive advantages. That necessitates reducing the costs of production by automating, digitizing, and robotizing most processes, that is, by improving labor productivity Under these conditions, highly skilled personnel, the main resource for the development and implementation of completely new tools, rank first. Numerous studies within the theory of human capital substantiate the leading role of investment in education, health care, and quality of life, which contribute to the development of the intellectual and innovative potential and economic growth. Governing bodies are seeking to increase the innovative and socio-economic potential of their territories in line with current development priorities. The ultimate effect of investment in human capital is expressed in the increasing competitiveness of the regional economy, growth of the gross regional product and the steady improvement in the living standards of people at the territories. – to use available resources rationally; – to improve the territorial and industrial components of GDP
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