Economic Modeling of the Impact of Human Capital on Economic Growth and Competitiveness

The article discusses the problem of constructing a dynamic macroeconomic general equilibrium model designed to explain the relationship between investment in material and human capital with economic growth for the Russian economy. An overview of approaches to modeling human capital is given and the feasibility of developing a new approach to its modeling within the framework of general equilibrium models is substantiated. The general structure of the model is given, the problem of the household is posed and solved, general approaches to and identification of the model, the study of the problem of the firm, taking into account state policy, are developed. The main feature of the proposed model is the possibility of considering in it the choice between investments in material and human capital from the point of view of the scale of the impact on economic growth. An essential minor feature is that the intertemporal choice of a household is modeled without using the financial market, which can be considered an advantage when modeling the Russian economy, in whose financial market households are poorly represented. © 2022, The Author(s), under exclusive license to Springer Nature Switzerland AG.