Features of the functioning of the education economy as a sector of the national economy in contemporary conditions

Abstract

Importance: this article examines the economics of education as a key sector of the national economy in the modern world. In the context of widespread globalisation and digitalisation, the economics of education is becoming particularly important, as it is education that provides the skilled workforce needed for innovative economic development and to enhance a country’s competitiveness on the world stage. Purpose: to identify trends and patterns in the functioning of the economics of education as a separate sector of the national economy in the current reality, to identify existing problems and to offer recommendations for improving the economic efficiency of the education sector. Research design: the study is based on an empirical analysis of data obtained from official statistics and analytical reports, covering the regions of the Volga Federal District (hereinafter referred to as the VFD) for the period from 2016 to 2024. The results obtained formed the basis for the development of practical recommendations for optimising the management of the education economy in the regions of the VFD. Results: еmpirical analysis showed significant diversity in the state of the education economy among the regions of the VFD. Significant differences were identified in the indicators of youth coverage by higher education programmes and the ratio of government spending on education to GRP, which proves the high degree of regional heterogeneity and the lack of funding for the sector of the economy under study. A direct relationship was established between the level of education funding and the quality of educational services, which highlights the need to change approaches to financing and managing the education system, as well as to develop targeted programmes aimed at levelling out territorial disparities and improving the overall level of educational services in the regions of the Volga Federal District.