 Assessment of the Impact of Health Capital on Earnings and Subjective Well-Being of the Employed Population in RussiaAlyona Yu. Tian Irina I. Semenova Journal of Applied Economic Research, 2024, vol. 23, issue 2, 279-303 Abstract: Subjective well-being is an important guideline for state socio-economic policy. However, the influence of health capital and the level of satisfaction with various aspects of life on this factor has not been sufficiently studied. The study is aimed at identifying the role of health capital as a productive factor in the Russian economy and assessing its impact on the subjective well-being of the employed population in Russia. Research methods include regression analysis using Mincer-type equations. Microdata from the Rosstat Comprehensive Observation of Living Conditions of the Population are used as the empirical basis, among which indicators of subjective well-being (satisfaction with the quality of infrastructure, environment and work) and indicators of health capital (self-assessment of health, the ability to live an active life and the presence of chronic diseases) are highlighted. The results of the study showed that health capital was a productive factor for the employed population of Russia aged 25 to 60 from 2011 to 2022, cumulatively increasing earnings by more than 10%. Subjective well-being contributes to an increase in wages from 22% to 50%: satisfaction with the quality of available infrastructure increases income by 22 - 33%, and job satisfaction - by 23 - 50%. In turn, health capital also has a significant positive impact on subjective well-being – the respondents who rate their health highly rate job satisfaction and the quality of available infrastructure by 1.5–3% higher. The presence of a chronic illness, on the contrary, reduces satisfaction according to these indicators by 1.5–2%. The results of the study support the theoretical foundations of health capital, demonstrating that it is a productive factor in the Russian labor market even under the conditions of a tense geopolitical situation and sanction pressure. The results of the study can be used to assess the effectiveness of regional and corporate policies in the field of health capital management and develop strategies for achieving subjective well-being. Keywords: health capital; subjective well-being; human capital; wages; satisfaction. (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:aiy:jnjaer:v:23:y:2024:i:2:p:279-303 DOI: 10.15826/vestnik.2024.23.2.012 Access Statistics for this article Journal of Applied Economic Research is currently edited by Igor Mayburov More articles in Journal of Applied Economic Research from Graduate School of Economics and Management, Ural Federal University Contact information at EDIRC. |
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