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Investment in human capital education under the digital economy

Economic Annals-XXI

Economic Annals-ХХI: Volume 180, Issue 11-12, Pages: 69-77

Citation information:
Ershova, I., Belyaeva, O., & Obukhova, A. (2019). Investment in human capital education under the digital economy. Economic Annals-XXI, 180(11-12), 69-77. doi: https://doi.org/10.21003/ea.V180-08

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Irina Ershova
D.Sc. (Economics),
Associate Professor,
Professor of the Department of Finance and Credit,
Faculty of Economics and Management,|
Southwest State University
94, 50 Let Oktyabrya Str., Kursk, 305040, Russia
ershovairgen@yandex.ru
ORCID ID: https://orcid.org/0000-0002-0675-0764

Olga Belyaeva
PhD (Sociology),
Associate Professor,
Department of Finance and Credit,
Faculty of Economics and Management,
Southwest State University
94, 50 Let Oktyabrya Str., Kursk, 305040, Russia
bels21973@yandex.ru
ORCID ID: https://orcid.org/0000-0003-2549-1013

Anna Obukhova
PhD (Economics),
Associate Professor,
Department of Finance and Credit,
Faculty of Economics and Management,
Southwest State University
94, 50 Let Oktyabrya Str., Kursk, 305040, Russia
obuhova_anna@inbox.ru
ORCID ID: https://orcid.org/0000-0002-5780-6529

Investment in human capital education under the digital economy

Abstract. The authors consider the main trends in the dynamics and structure of education funding in the leading Western countries within the concept of cost sharing. The authors analyze the ratio of private and public expenditures on education, students’ expenses for tuition, and the main forms of state support for students and their families. There has been conducted the analysis of demand for private education loans among the students and households.

The paper compares the dynamics of funding and the number of students, which makes it possible to determine positive and negative trends in the development of higher education. The analysis has shown that in the period under review the differentiation of higher education systems into two groups (with growing and declining state funding) has increased. The analysis has also shown that the system of higher education financing in developed countries differs significantly. At present, investment in education is seen as the most important factor in increasing competitiveness, which leads to more sustainable economic growth.

Keywords: Human Capital; Investment in Education; Education Loans; Public Funding; Digital Economy

JEL Classifications: I25

Acknowledgments and Funding: We are grateful to the university management and the head of Department of Finance and Credit for assistance in preparing this article.

Contribution: Olga Belyaeva has carried out the analysis of the main trends in the dynamics and structure of education financing in the leading Western countries; Anna Obukhova has analyzed the ratio of private and public expenditures on education; Irina Ershova has considered public financing of higher education in developed countries and Russia.

DOI: https://doi.org/10.21003/ea.V180-08

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Received 12.11.2019
Received in revised form 29.11.2019
Accepted 30.11.2019
Available online 30.12.2019

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