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

Abstract

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.