The Cost and Value of Human Capital in the Modern Digital Economy

Abstract

The purpose of the work is to determine the current cost and value of human capital in modern Russia and to develop recommendations for increasing them in the interests of quick formation of the digital economy. For that, the authors use the methods of regression and correlation analysis. As a result, it is concluded that low level and instability of development of human capital in modern Russia, as well as absence of entrepreneurial culture of highly-effective usage of human capital, lead to its low cost and value, which slows down the process of formation of the digital economy. This is a typical “market failure”, which could be overcome with targeted state regulation. The authors present the algorithm of increasing the cost and value of human capital in Russia in the interests of quick formation of the digital economy. This algorithm is a succession of four stages, which reflect the logic of natural course of the process of digital development of entrepreneurship with the usage of human capital. Also, authors’ recommendations for successful implementation of measures at all stages of this algorithm are offered. The performed research contributes into solving the global problem of disproportions of the modern global economy by leveling development of countries of the world.