THE CONTRIBUTION OF THE INTELLECTUAL AND SOCIAL CAPITAL IN ECONOMIC GROWTH OF RUSSIAN REGIONS

Objective: to estimate the impact of the social and human capital on the economic growth, basing on the data of the Russian regions.Methods: econometric modeling of economic growth based on the Mankiw-Romer-Weill model and its specification proposed by Ishise andSawada, Nonneman and Vanhoudt.Results: the paper estimates the aggregate input of intellectual and social capitals of the Russian region. For this purpose, we apply, similarly to Ishise and Sawada, Nonneman and Vanhoudt, the augmented version of the Mankiw-Romer-Weill model, including social capital as an additional production input. Besides, we substitute the human capital for intellectual capital in this model. The estimated elasticity of the intellectual and social capitals is approximately 0.163 and 0.177 respectively.Scientific novelty: it is proved that the intellectual and social capital of the Russian regions positively affects their economic growth. The contribution of the intellectual and social capital into the total DRP (by the elasticity of the production function) is equivalent to the contribution of physical capital (0.346). The contribution of physical capital is comparable with the contribution of the economically active population (labor force), and constitutes 0.379.Practical significance: the conclusions of the article can be used to ground the role of intellectual and social capital for the development of theRussian regions, and to determine their contribution into the country’s economic growth.

Mathematical and instrumental methods of economics, Robert Solow’s model of economic growth, Cobb - Douglas production func-tion, Social capital, Intellectual capital, Economic growth, Economy of Region

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