The Impact of Education on Income in the Russian Federation Over the Past 15 Years

This work is dedicated to the study of the impact of the level of education on people’s wages(incomes) in the Russian Federation, based on the time period over the past 15 years. According to Schultz’s theory of human capital, high quality of work has a direct impact on wages, as a result of which the level of education directly affects income. G. Becker refined this theory in his work entitled «Human Capital: Theoretical and Empirical Analysis Mainly in the Field of Education,» where he reasoned that income is a key factor which shows the level of the quality of education. This paper considers the hypothesis of whether the level of education really allows to raise wages in the future. According to multiple studies not only by Russian but also by foreign scientists, there is a direct link between the level of education and further wages. Thus, the main idea, developed in this study is to establish the impact of education on the income of the population in Russia.