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The relevance of the analyzed issue is caused by the need to study the mutual development of higher education and basic factors of the production system. The purpose of this paper is the development of theoretical positions of state regulation of higher education systems, as well as the development of practical recommendations for the implementation of the economic policy at the present stage of development. The leading approaches in the study of this issue are historic-economic, institutional and evolutionary, econometric modeling elements allowing justifying the trend of the higher education development in the current period. It is proved that changes in economic policy conditions are associated with the implementation of irreversible transformations occurring in the factors of production. It is shown that these changes dictate cyclical fluctuations, as well as the evolution of the behavior and preferences of consumers. The contents of this article may be useful in the development of a state strategy to modernize higher education and the overall economic policy. © 2016 Malikh et al.