Assessment of correlation between the size of human capital and growth of the economy in Russian regions

In the article, the impact of the accumulated human capital on the growth of the gross regional product in various regions of the Russian Federation has been considered. In order to assess the size of such specific asset as human capital, the authors have suggested their own approach based on standardizing three indicators that determine labor productivity in various Russian regions: the share of employees who have higher education, the morbidity per 1 000 people, and the number of theater visits per 1 000 people in year. Using the calculated human capital index, the econometric model based on the logarithm of the Cobb-Douglas three-factor production function has been developed. According to the results of the model development, it has been defined that the size of human capital is the second most important factor of the regional economic growth. Consequently, comprehensive strategic plans for the development of various regions and their municipalities should plan for a gradual increase in investments in human capital.