Do Graduates Wages Measure the Quality of Education?A Review of Existing Studies
This paper is a review of studies that investigate factors that determine starting wages of university graduates. The focus is laid upon the works addressing the question: To what extent can starting graduate wages be indicative of the quality of education received? We discuss the theoretical conceptions shedding light on the reasons for differences in wages of fresh graduates: the theory of human capital, the job market signaling theory, the theory of compensating wage differentials, and empirical studies aimed at measuring the influence various factors have on the size of starting wages. An analysis of different studies has shown that, despite the important role played by the quality of education, there are many other factors that can have an impact on wages. Such factors include heterogeneity of graduates and jobs, market imperfections, individual preferences of graduates and their strategies of entering the labor market. The provided review and critical analysis of studies designed to assess the correlations between the quality of higher education and the level of starting wages for graduates allows us to define the general requirements to data quality in case of Russia adopts the system of university graduate monitoring.
The principal result of this research is that the valuable skills have a negative and significant effect on alcohol abuse. We found that a higher professional level is consistent with a stronger negative relationship between earnings and alcohol-related behaviors and problems. The explanation of the result is proposed in that the pecuniary losses imposed on an individual by alcohol-related physical inability are positively conditioned by the valuable skills.
The modern concept of modernizing Russia somehow reproduce the history of the theory of innovation. The theory of innovation in its development has gone through a least 3 stages. In the first phase (1910 - first half of the 40s) to the forefront issues of understanding the nature of innovation and their role in the development of society over time (long, medium and short periods), the relationship of innovation and long cycles conditions. This period is associated with the names of J.A.Schumpeter, M.I.Tugan-Baranovsky and N.D. Kondratieff. The second stage in the development of innovation theory (second half 1940 - first half of the 1970s) is characterized by the increased role of macroeconomic analysis, in turn, he has at least two substages: the first of which was dominated by the ideas of neo-Keynesians, on the second-neoclassical. The third stage of development of the theory of innovation began in the mid-1970s and proldolzhaetsya to the present. It is characterized by an offensive alternative approach to macroeconomic theory. With a certain degree of conditionality is also possible to distinguish two substages. The first (second half of the 1970s - early 1990s) is characterized by the emergence of new ideas drawn from evolutionary theory, institutionalism (the theory of the firm) and management (innovation management). In the second substage (mid 90s) innovations studied by the methods of systems analysis. The authors are increasingly focused on issues of comparative studies: a comparative analysis of innovation policy in different countries, study the ways and means of forming an effective innovation systems. In the report it is critically considered not only the official point of view, but also M. Porter, K. Ketels work “Competitiveness at the Crossroads: Choosing the Future Direction of the Russian Economy”. Also «The forecast of innovative, technological and structural dynamics of Russian economy till 2030» and RAND Corporation report “The Global Technology Revolution 2020: Trends, Drivers, Barriers, and Social Implications” are analyzed. In this paper institutional preconditions and possibilities of application of the concept of social market economy in the 21st century Russia were analyzed. Basic elements of social market economy are personal liberty, social justice, and economic efficiency.
The main reason the so-called "crisis of education" covers not only the rap-id changes in the system of knowledge and technology, but also the changes in the labor market, the prevalence of atypical employment. As a result, the univer-sity, by definition, can not train a specialist, fully satisfying the requirements of the employer. For example, the direction of "Advertising and public relations" proposes measures to resolve the existing contradictions.
Taking into account the transformation in economic reality towards knowledge economy, it seems logical for company’s intellectual capital to be treated not as a cost but as an investment. Intellectual capital is a resource of creation value equal to physical assets and financial capital. In order for the new system to be consistent it is necessary to define new index of intellectual capital efficiency in the value creation.
Using the theory of efficiency value added by the major company’s resources that are physical capital, human capital and structural capital this paper examines the association with company’s profitability, productivity and market value. Data is drawn from a sample of 56 Russian publicity traded firms from sectors heavily reliant on intellectual capital that are communication systems, instrumentation, pharmacology and financial services. Empirical research is conducted using correlation and linear multiple regression analysis.
People are the focus of the third edition of the OECD Yearbook, which looks at some of the key challenges that have resulted from over five years of global economic turmoil. OECD experts are joined by leaders from government, business, labour, academia and civil society to examine pressing questions.
Economic crisis started in 2008 forced companies in Russia to move from growth and expansion to reduction and restructuring. The article presents the main changes at top managers’ labor market from the beginning of crisis in Russia. The original data on top managers’ mobility in Russia from late 1999 till 2009 was used. The main result of the research is that there were no big changes in Russian top managers’ labor market during the crisis years (2008–2009). The most significant change was the increase of firm’s demand for specific human capital of top managers and the decrease of demand for general human capital.