Interviewer: Dzhevakova Altana

- Hello, Natalya Ivanovna.

- Hello.

- Our electronic journal is dedicated to individuals who, through their labor, preserve and develop the intellectual heritage of Kalmykia. We are convinced that the history of the region is shaped not only by politicians or cultural figures, but also by scientists, educators, and researchers who form the future of the republic through education and science.

Preparing for our meeting, I carefully examined your scientific publications, including your candidate dissertation "Financial Intermediaries in the Transformation of Household Savings into Investment Capital." I must frankly admit that your research provides a fresh perspective on macroeconomic processes. Behind the dry figures and calculations, one can clearly discern an instrument capable of changing the quality of life in the regions. In your dissertation, you investigate how household savings can be transformed into investment capital. At first glance, this appears to be an exclusively economic problem, but behind every deposit, every investment, lies human trust. In your opinion, can it be said that the economy begins precisely with the public's trust in the state, financial institutions, and their own future? And is it possible to build a strong local economy if the population lacks confidence in tomorrow?

- An economy is built on the relationships between various economic agents—individuals, companies, the state, and financial organizations. And you and I also act in the role of economic agents. Therefore, trust is one of the foundational conditions for the functioning of the economy. This is particularly visible in the case of the financial system. If the population trusts the state, banks, and other financial institutions, then, in this case, people are prepared not only to save a portion of their income but also to place it in deposits and other financial instruments. As a result, financial institutions gain the opportunity to direct these resources into business lending and investment projects. Thus, household savings are transformed into investments.

To build a strong economy, trust alone is, of course, insufficient. In addition to investments, a developed infrastructure, technologies, and entrepreneurial activity are required. Moreover, in the modern world, no economy can exist in isolation. Regions and countries are integrated into interregional and international supply chains, depending on sales markets, logistics, and external demand. We see this clearly in the case of global trade: a significant portion of industrial production is concentrated in the countries of East and Southeast Asia, including China. If logistics are disrupted, costs for transportation, storage, clearing services, etc., increase, and following them, the final price of the good for the consumer rises. For Kalmykia, this is particularly important, as the revenues of companies in the region are limited by the capacity of the domestic market and the level of effective demand. Therefore, Kalmyk producers need access to interregional and federal markets, requiring developed logistics and sustainable economic ties beyond the borders of the republic. In this situation, the well-being of the region depends simultaneously on internal resources and on how effectively Kalmykia is integrated into the economy of Russia.

- Since we have touched upon the factors of production, I would like to ask you the following question. What, in your opinion, constitutes the foundation of the well-being of modern Kalmykia?

- The foundation of Kalmykia's well-being is, first and foremost, its residents and the opportunities for the realization of their potential within the republic. From an economic perspective, this means the availability of jobs, decent incomes, conditions for entrepreneurship, and high-quality social infrastructure. Agriculture remains the traditional backbone of the region's economy, and here it is important not only to increase production but also to develop processing so that the major share of value added remains within the republic. Simultaneously, tourism is becoming a new promising direction for the development of Kalmykia's economy, requiring a systematic strategic approach from the state.

Therefore, I would link the sustainable development of Kalmykia to a combination of its traditional advantages—agriculture, natural, and cultural resources—with the development of human capital, entrepreneurship, modern technologies, infrastructure, and management.

- And what economic metrics are appropriate for measuring the human potential of the republic? And why do investments in people often prove to be more profitable than investments in raw materials?

- Human capital is indeed coming to the forefront today. Investments in humans are important because knowledge, qualifications, and competencies are capable of continuously generating new value added. Human capital can be evaluated not by a single indicator, but by an entire system: the level of education and professional training, employment, labor productivity, household incomes, health status, life expectancy, and the ability of people to acquire new competencies. For our region, the migration balance is also of particular importance: whether young and qualified specialists remain in the republic or leave.

The quality of the acquired competencies and skills is of particular significance today. Robotization and the development of artificial intelligence allow companies to automate a portion of operations, reduce costs, and increase productivity. However, the implementation of such technologies requires qualified specialists who know how to develop, configure, maintain, and apply them. Therefore, the development of human capital is not only about obtaining an education but also about continuous, lifelong learning.

Today we very often hear that robotization and artificial intelligence will inevitably lead to mass unemployment. However, economic practice demonstrates a more complex picture. Technologies can indeed displace certain types of routine labor, but simultaneously they create new professions and alter the demand for worker qualifications. Therefore, it is more correct to speak, first of all, about structural changes in employment and the risk of structural unemployment, when former skills cease to correspond to the requirements of the labor market. Here, the role of the state, the education system, and the employers themselves is important: programs for retraining and professional development are needed. New competencies are required in the digital economy, data management, industrial automation, energy, marketing, and many other fields. Today, education is increasingly becoming a continuous process: one has to learn throughout one's entire life so that skills do not become obsolete and the individual remains in demand in the labor market.

- I completely agree with you. Since we have started talking about education and retraining, it is impossible not to discuss another side of your activity—teaching. You have worked with students for many years, and hundreds of young people have passed through your classroom. In your view, how has the attitude of students toward knowledge itself changed? What inspires young people to learn today, and what, on the contrary, creates the greatest difficulties in their studies?

- It seems to me that in their core aspirations, youth have not changed that much: students want to obtain a profession, start working, and become independent. But the conditions of learning today are indeed different. Access to information has become virtually instantaneous, and this is a great advantage. Modern students have rapid access to educational resources, online courses, programs of Russian and foreign universities, and scientific-practical materials. Simultaneously, a new difficulty has arisen—from the vast flow of information, one must be able to select what is reliable and truly necessary. Another difficulty is the choice of one's own professional trajectory. Opportunities have increased, and it is important not to make a mistake and to understand which field is truly suitable precisely for you, where you will be able to realize your abilities.

I like modern students precisely for their openness and receptivity to everything new. Interaction with young people also helps the educator to notice technological changes faster and to apply precisely those teaching programs and applications that are most interesting and yield the best results. In this sense, the profession of an educator requires continuous development and allows one to remain in an intellectually active environment.

- I am very glad that your students allow you to be on the same wavelength as the technological world. This is wonderful. As an economist and mentor, you clearly see the career trajectories of graduates. In your view, what key conditions, whether economic incentives, development of local infrastructure, or support for youth entrepreneurship, are capable of retaining young personnel in the republic? And what can Kalmykia offer an ambitious graduate today so that they would want to link their future and career specifically with their hometown?

- For a young specialist to want to remain in the region, first and foremost, they must see professional prospects here. Jobs with a competitive income level, opportunities for career growth, and conditions for opening one's own business and implementing new projects are needed. At the same time, Kalmykia already possesses important advantages: good general education schools, a favorable ecological environment, relatively affordable housing, and a lower cost of living compared to metropolitan areas. For specialists who are starting a family and raising children, these are serious factors in the quality of life.

If we combine these advantages with the development of modern social and digital infrastructure, support for entrepreneurship, clear career trajectories, and competently form an attractive environment for living and working, Kalmykia will be able not only to retain its graduates but also to attract specialists from other regions.

- I would like to add that you also supervise students' scientific research, and it is considered that the highest reward for any mentor is to see how their students find their own path to their profession. What is the greatest professional success for you personally today? Your own scientific publications and the recognition of colleagues, or still the achievements of your students?

- Of course, when I see how my students grow professionally, become more confident, and achieve their own results, I understand that my labor was not in vain. For an educator, this is probably the greatest reward. For me, such results mean even more than my own professional achievements.

- Good. Thank you for this answer. This is probably precisely how a genuine scientific school is born, when knowledge is transmitted from person to person. This is very pleasant to hear. The scientific path is not always a straight road, especially in economics, where there is always a temptation to leave the academic environment for pure business or commerce for the sake of quick results or profit. Have there been moments in your life when you had to make a choice between commercially lucrative offers and loyalty to university science? And what helped you remain on the chosen path and continue doing what you chose?

- I would not say that for me, science and practical activity are mutually exclusive choices. On the contrary, it has always been important for me to maintain a connection with practice. I came to work at the university already possessing work experience in the banking sector and in public administration, and this experience was connected to the topic of my scientific interests—financial intermediation and the problems of transforming household savings into investment capital.

Practical experience provides the opportunity to explain theory using real-world examples. In economics, theory and practice are very closely linked: future economists need to learn to understand and analyze the processes that occur in the financial system, business, state economic policy, and capital markets. Therefore, for an educator of economic disciplines, practical experience is particularly valuable—it helps to show students how theoretical patterns manifest in real economic life.

Furthermore, as of today, I am participating in a project related to international education. Its objective is to help young people from Russia enroll and study in the higher education institutions of China. Such experience allows our students to receive additional educational and professional opportunities, since Chinese universities today successfully compete with the world's leading schools and occupy top positions in international rankings. For me, this is also a continuation of teaching and mentoring work.

Therefore, I can say that I endeavor to connect education, science, and practice rather than to contrast them against one another.

- Thank you for the answer. As I mentioned earlier, our journal is dedicated to the preservation of the cultural and intellectual heritage of Kalmykia, which is inseparable from the very land of the region. And in this context, I would like to temporarily move away from macroeconomic indicators toward personal meanings. What does Kalmykia mean to you personally?

- For me, "there is no land dearer than Kalmykia." I once heard this phrase, and it very accurately conveys my feeling. Kalmykia is the place with which my roots, family, friends, and the major part of my life are connected. The more frequently one visits other cities and countries, the more clearly one understands the value of one's small homeland.

- Beautiful. And is there a place in the republic where you return to feel inspiration, tranquility, or simply to gather strength?

- I really like the place where the Lonely Poplar grows. There is an amazing atmosphere and energy there—this place always gives me a sense of tranquility and charges me with energy.

- Good. Then now, Natalya Ivanovna, I propose that we move to the BLITZ-survey block. The rules of the format provide for prompt answers. They can be either detailed or brief. Allow me to ask the first question.

What would you definitely show a person who has come to our republic for the first time?

- The blooming steppe with tulips.

- Beautiful. A book or an author to whom you return in the most difficult moments of your life?

- Currently—the book by the XIV Dalai Lama "The Art of Happiness."

- What is the main economic myth that people need to stop believing in?

- That new technologies destroy jobs. In reality, they, first and foremost, change professions and qualification requirements.

- Good. What do you consider to be the main quality of a true school or university educator?

- To love your profession and derive satisfaction from what you do. When the educator themselves is interested in learning and developing, this is transmitted to the students as well.

- What quality do you value most in your students?

- Curiosity and openness. And, of course, a responsible attitude toward studies, for example, toward doing homework.

- Good. What is more difficult for you: to write a highly complex scientific article or to give a student a deserved failing grade?

- Probably, after all, to give a deserved failing grade. This is always unpleasant because the educator wants to see a result. But if the failing grade truly corresponds to the level of the performed work, it must be given objectively and calmly.

- Complete the phrase. The future of Kalmykia is, first and foremost...

- The people who live here. It is precisely the people, their knowledge, initiative, and desire to develop their republic that ultimately determine its future.

- Excellent. With this, we have concluded our Blitz-survey.

And now I would like to move to our final question. Natalya Ivanovna, our journal is just beginning its journey. What main parting word could you give to young people who are seeking their place in life today and want to bring benefit to their small Homeland?

- Today it is especially important to acquire knowledge, but not for the sake of the diploma itself; rather, one must understand what knowledge and skills will truly help you develop, be in demand, and move along the chosen professional trajectory. Learning is necessary not only for the youth—in the modern economy, education is becoming a continuous process throughout one's entire life. And, of course, it is important to find yourself not only in a profession but also in life: to understand what is interesting to you, how you can be useful to other people, and what provides you with internal motivation, and then, success will definitely come to you.

- Thank you for your parting word, Natalya Ivanovna. A huge thank you to you for this deep and sincere conversation. Today we have once again become convinced that economics is not only the language of figures and financial indicators, but, above all, the science of people, their opportunities, and the future.

Also, thank you for your many years of labor, for your dedication to the university, for raising young specialists, and for your contribution to the development of scientific thought in Kalmykia. For our journal, it is a great honor to begin our journey precisely with such a conversation.

- Thank you very much. I wish you and your colleagues great success in your studies, work, and the development of the journal, as well as to find your path and that field in which you will be able to realize all your most ambitious plans and achieve your set goals.