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<article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:ali="http://www.niso.org/schemas/ali/1.0/" article-type="research-article" dtd-version="1.2" xml:lang="en"><front><journal-meta><journal-id journal-id-type="publisher-id">RUDN Journal of Economics</journal-id><journal-title-group><journal-title xml:lang="en">RUDN Journal of Economics</journal-title><trans-title-group xml:lang="ru"><trans-title>Вестник Российского университета дружбы народов. Серия: Экономика</trans-title></trans-title-group></journal-title-group><issn publication-format="print">2313-2329</issn><issn publication-format="electronic">2408-8986</issn><publisher><publisher-name xml:lang="en">Peoples’ Friendship University of Russia named after Patrice Lumumba (RUDN University)</publisher-name></publisher></journal-meta><article-meta><article-id pub-id-type="publisher-id">39872</article-id><article-id pub-id-type="doi">10.22363/2313-2329-2024-32-2-205-221</article-id><article-id pub-id-type="edn">HVYDHG</article-id><article-categories><subj-group subj-group-type="toc-heading" xml:lang="en"><subject>INTERNATIONAL LABOR MARKET AND INTERNATIONAL MIGRATION</subject></subj-group><subj-group subj-group-type="toc-heading" xml:lang="ru"><subject>МИРОВОЙ РЫНОК ТРУДА И МЕЖДУНАРОДНАЯ МИГРАЦИЯ</subject></subj-group><subj-group subj-group-type="article-type"><subject>Research Article</subject></subj-group></article-categories><title-group><article-title xml:lang="en">Human Capital and Income Decline: Evidence from the Russian Longitudinal Monitoring Survey 2019-2022</article-title><trans-title-group xml:lang="ru"><trans-title>Человеческий капитал и снижение дохода: по результатам российского мониторинга экономического положения и здоровья населения в 2019-2022 гг.</trans-title></trans-title-group></title-group><contrib-group><contrib contrib-type="author"><contrib-id contrib-id-type="orcid">https://orcid.org/0000-0003-1797-8825</contrib-id><name-alternatives><name xml:lang="en"><surname>Balashova</surname><given-names>Svetlana A.</given-names></name><name xml:lang="ru"><surname>Балашова</surname><given-names>Светлана Алексеевна</given-names></name></name-alternatives><bio xml:lang="en"><p>PhD, Head of Department of Economic and Mathematical Modeling</p></bio><bio xml:lang="ru"><p>кандидат физико-математических наук, доцент, заведующая кафедрой экономико-математического моделирования</p></bio><email>balashova-sa@pfur.ru</email><xref ref-type="aff" rid="aff1"/></contrib><contrib contrib-type="author"><contrib-id contrib-id-type="orcid">https://orcid.org/0000-0002-7428-7900</contrib-id><name-alternatives><name xml:lang="en"><surname>Gabrielyan</surname><given-names>Bella V.</given-names></name><name xml:lang="ru"><surname>Габриелян</surname><given-names>Белла Валерьевна</given-names></name></name-alternatives><bio xml:lang="en"><p>PhD, Associate Professor. Head of the Economic Sciences Department, European Economic University named after G.V. Plekhanov, Leading Researcher at the Institute of Economics named after M. Kotanyan NAS RA</p></bio><bio xml:lang="ru"><p>кандидат экономических наук, доцент, заведующая кафедрой «Экономические науки», РЭУ им. г.в. Плеханова, ведущий научный сотрудник института экономики им. М. Котаняна НАН РА</p></bio><email>bvgabrielyan@mail.ru</email><xref ref-type="aff" rid="aff2"/><xref ref-type="aff" rid="aff3"/></contrib></contrib-group><aff-alternatives id="aff1"><aff><institution xml:lang="en">RUDN University</institution></aff><aff><institution xml:lang="ru">Российский университет дружбы народов</institution></aff></aff-alternatives><aff-alternatives id="aff2"><aff><institution xml:lang="en">Yerevan Branch of the Russian Economic University named after G.V. Plekhanov</institution></aff><aff><institution xml:lang="ru">Ереванский филиал РЭУ им.Г.В.Плеханова</institution></aff></aff-alternatives><aff-alternatives id="aff3"><aff><institution xml:lang="en">Institute of Economics after M. Kotanyan</institution></aff><aff><institution xml:lang="ru">Институт экономики им. М. Котаняна НАН РА</institution></aff></aff-alternatives><pub-date date-type="pub" iso-8601-date="2024-06-30" publication-format="electronic"><day>30</day><month>06</month><year>2024</year></pub-date><volume>32</volume><issue>2</issue><issue-title xml:lang="en">INNOVATION AND INVESTMENT:  OPPORTUNITIES AND PROSPECTS</issue-title><issue-title xml:lang="ru">ИННОВАЦИИ И ИНВЕСТИЦИИ:  ВОЗМОЖНОСТИ И ПЕРСПЕКТИВЫ</issue-title><fpage>205</fpage><lpage>221</lpage><history><date date-type="received" iso-8601-date="2024-07-07"><day>07</day><month>07</month><year>2024</year></date></history><permissions><copyright-statement xml:lang="en">Copyright ©; 2024, Balashova S.A., Gabrielyan B.V.</copyright-statement><copyright-statement xml:lang="ru">Copyright ©; 2024, Балашова С.А., Габриелян Б.В.</copyright-statement><copyright-year>2024</copyright-year><copyright-holder xml:lang="en">Balashova S.A., Gabrielyan B.V.</copyright-holder><copyright-holder xml:lang="ru">Балашова С.А., Габриелян Б.В.</copyright-holder><ali:free_to_read xmlns:ali="http://www.niso.org/schemas/ali/1.0/"/><license><ali:license_ref xmlns:ali="http://www.niso.org/schemas/ali/1.0/">https://creativecommons.org/licenses/by-nc/4.0</ali:license_ref></license></permissions><self-uri xlink:href="https://journals.rudn.ru/economics/article/view/39872">https://journals.rudn.ru/economics/article/view/39872</self-uri><abstract xml:lang="en"><p style="text-align: justify;">Human capital is widely regarded as a fundamental driver of economic growth, at least in the innovative and knowledge-based economy. However, the empirical evidence linking human capital with economic outcomes has been problematic both at macroeconomic and microeconomic levels. The estimates obtained in this study, based on RLMS data, show that the conditional probability of a worsening financial situation for people with higher education increased significantly in 2020 and 2022 compared to 2019. Using logit analysis, we calculated the odds ratios for worsening finances for three groups: currently employed versus not employed, reported poor health versus good health, and with tertiary education versus no tertiary education. Individuals with poor health are 20 % more likely to experience a decline in income than those in good health, but worryingly, after 2020 those with tertiary education are also about 1.2 times more likely to experience a decline in income than those with secondary education or less. It does not cast doubt on the positive impact of human capital on the knowledge-based economy. But it raises the question to what extent the characteristics of the knowledge-based economy are maintained during crises. The other question is the extent to which tertiary education today meets the expectations of the labour market and whether the education system has the foresight to ensure a high return on investment in human capital.</p></abstract><trans-abstract xml:lang="ru"><p style="text-align: justify;">Человеческий капитал признается фундаментальной движущей силой экономического роста, по крайней мере, в инновационной, основанной на знаниях экономике. Этот тезис многократно обосновывается в работах ведущих экономистов, посвященных экономическому росту. однако эмпирические исследования, связывающие человеческий капитал с экономическими результатами, не дают безусловного подтверждения этого тезиса как на макроэкономическом, так и микроэкономическом уровнях. в исследовании рассматривается вопрос о вкладе человеческого капитала в вероятность ухудшения экономических результатов домохозяйств на фоне кризисных явлений. оценки, полученные на основе данных российского мониторинга экономического положения и здоровья населения (RLMS, НИУ ВШЭ), показывают, что условная вероятность ухудшения финансового положения для людей с высшим образованием значительно увеличилась в 2020 и 2022 гг. по сравнению с 2019 г. С помощью логит-анализа мы рассчитали отношения шансов ухудшения финансового положения для трех групп: работающие в настоящее время и неработающие, сообщившие о плохом здоровье по сравнению с группой респондентов с хорошим здоровьем, группа респондентов с высшим образованием по сравнению с тем, у кого нет диплома о высшем образовании. Люди с плохим здоровьем имеют на 20 % больше шансов снижения доходов, чем люди с хорошим здоровьем, что является негативным, но ожидаемым результатом. однако вызывает тревогу то, что после 2020 г. для людей с высшим образованием шанс ухудшения финансового положения семьи также в 1,2 раза выше, чем у людей, не имеющих высшего образования. Эти оценки не ставят под сомнение положительное влияние человеческого капитала на экономику, основанную на знаниях. но возникает вопрос, в какой степени черты экономики, основанной на знаниях, сохраняются во время кризисов. возникает и другой вопрос, в какой степени высшее образование сегодня соответствует ожиданиям рынка труда и способна ли система образования обеспечить высокую отдачу от инвестиций в человеческий капитал.</p></trans-abstract><kwd-group xml:lang="en"><kwd>human capital</kwd><kwd>income decline</kwd><kwd>RLMS</kwd><kwd>logit model</kwd><kwd>tertiary education</kwd></kwd-group><kwd-group xml:lang="ru"><kwd>человеческий капитал</kwd><kwd>снижение доходов</kwd><kwd>рМЭЗ</kwd><kwd>логит-модель</kwd><kwd>высшее образование</kwd></kwd-group><funding-group/></article-meta></front><body></body><back><ref-list><ref id="B1"><label>1.</label><mixed-citation>Abdullah, A., Doucouliagos, H., &amp; Manning, E. (2015). 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