wseas-12286-20261104083035-e2976f 20261104083035171 wseas/wseas wseas.group@gmail.com WSEAS Financial Engineering 2945-1140 01 20 2026 01 20 2026 4 Anna A. Firsova Faculty of management, Peoples’ Friendship University of Russia (RUDN University), Miklukho -Maklaya Street, 6, 117198, Moscow, RUSSIA Alla V. Vavilina Faculty of management, Peoples’ Friendship University of Russia (RUDN University), Miklukho -Maklaya Street, 6, 117198, Moscow, RUSSIA Aleksander P. Tsypin Financial University under the Government of the Russian Federation, Leningradsky Avenue, 49/2, 125167, Moscow, RUSSIA The relevance of the article is due to the recently increasing inter-determinism of the economy and education and the significance of the study of the effectiveness of investment in human capital as a strategic resource for economic progress and sustainable economic development. The purpose of the article is to analyze and model the impact of spending on higher education on economic growth in the EU and Russia. The methodological basis of the study is testing the author's hypothesis and econometric modeling of the impact of macroeconomic indicators - economic factors that quantitatively characterize the state of the higher education system on the resulting gross domestic product per capita as an indicator of economic growth according to 27 countries of the European Union and the Russian Federation. The research hypothesis about the positive impact of expenditure on higher education on economic growth in the EU and Russia was confirmed. It was found that the growth rates of the founding countries of the EU were different from post-soviet members. The highest response for Russia is observed in terms of expenditures on higher education in GDP and in the volume of high-tech exports, accounting for which will allow building a balanced education and innovation policy in Russia. The prediction of the models obtained on the statistical data of Russia shows the possibility of a significant growth of GDP per capita with an increase in expenditures on higher education with an appropriate congruent development of the institutional environment. 11 04 2026 11 04 2026 175 15 https://creativecommons.org/licenses/by/4.0/ 10.37394/232032.2026.4.15 https://wseas.com/journals/articles.php?id=12286 Kurz, H. D., Technical Progress, Capital Accumulation and Income Distribution in Classical Economics: Adam Smith, David Ricardo and Karl Marx, The European Journal of the History of Economic Thought, Vol. 17, No. 5, 2010, pp. 1183-1222. doi: 10.1080/09672567.2010.522242 Becker, G. 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