How Much Is Russia's Human Capital Worth? (PartⅡ)

摘要

This article uses the lifetime labor income method to give the domestic literature's first valuation of Russia's human capital. The first part looks at the lifetime labor income method in detail, and the second presents valuations made on the basis of this method. Our calculations show that Russia's human capital was more than 600 trillion rubles (approximately, 6 million rubles per capita) in 2010. This exceeded the country's gross domestic product by a factor of 13 and its physical capital by a factor of 5.5. In real terms, human capital doubled in 2002-10. The estimates show that, in 2010, Russia's human capital was about $40 trillion at purchasing power parity and approached $400 thousand per capita. Everything indicates that, in the 2000s, the Russian economy was increasingly becoming a human capital economy.