Assessment of the Impact of Workers’ Education in the Regions of Russia on Volumes of Production of Gross Regional Product

Abstract 
In the work based on the macroeconomic extended production function of Cobb-Douglas, factors of differentiation of production volumes of the gross regional product per one employed in Russia in the period 2003–2014 are considered. With the help of spatial regression analysis, it is shown that the main factor of differentiation of production volumes in the regions of Russia is the average level of education of the regions occupied by the economy, in second place – the labor funds in the economy of the regions. It is also shown that the ratio of the marginal productivity of human capital to its average productivity is greater than one in all years of the period under review and in all regions of Russia, which shows the high efficiency of investments in human capital in Russia and the expediency of their growth. It is proposed to increase the state's spending on general and special education, especially in provincial regions, since the calculations 
show the positive effect of scale on investment in human capital. 

Keywords 
human capital, gross regional product, average and marginal productivity of the level of education



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