Exploring the Role of Socio-Cultural Factors on the Development of Human Capital in Multi-Ethnic Regions

Human capital is among the most important factors for sustainable economic growth. However, there remains some debate on the factors promoting or inhibiting its development. This research attempts to put socio-cultural factors at the front of this debate. Using econometric models, we exploratively test the influence of a raft of social and cultural variables on human capital development in multi-ethnic regions of Russia. We found that factors such as marriage, divorce, life expectancy, accessibility to education and healthcare, and attitude towards tourism all influence human capital to varying degrees. Domestic tourism, including museum and theatre visits were particularly impactful. We argue that cultural knowledge and exchange can promote socio-cultural harmony in multi-ethnic regions which can contribute to the region's human capital development. By exploring the impact of socio-cultural factors, we hope to lead towards a holistic understanding of sustainable human capital development.