Cost-Based Approach to the Assessment of Regional Human Capital (on the Example of the Urals Federal District)

Human capital is one of the key endogenous factors in economic growth, without which harmonious development of all sectors of the economy and strengthening of technological sovereignty are impossible. In this regard, one of the priority tasks of regional socio-economic policy is to identify methods to enhance the efficiency of human capital reproduction management. This objective necessitates a comprehensive analysis of the mechanisms through which human capital accumulates within regional contexts, in addition to its economic evaluation. The presented research endeavors to address these critical aspects. In the context of achieving the established objective, a review of the formulation of the theory of human capital was conducted, resulting in the development of a definition that aligns with the overarching goal. The classification of approaches to human capital assessment at the regional level is carried out and the limitations and prospects of using the cost approach in human capital assessment are substantiated. After methodological additions made on the basis of theoretical postulates of the human capital concept, the cost method proposed by M.Y. Dyakov was used to analyze the processes of human capital accumulation in the regions of the Urals Federal District for the period from 2017 to 2023 and its economic evaluation. In the presented study, the cost estimation of human capital in the regions of the Urals Federal District was obtained, which showed a stable positive vector of development. Despite the growth, the rate of human capital accumulation in all regions lags behind the GRP growth rate, which in the future may cause an increase in the human capital deficit. Conclusions were also drawn regarding the necessity to make further supplements to the presented methodology of human capital assessment.