HUMAN CAPITAL DEVELOPMENT THROUGH PUBLIC INVESTMENT IN HEALTHCARE: THEORETICAL ASPECTS

This article examines the theoretical mechanisms through which public investment in healthcare may contribute to human capital development and long-term economic performance. The study aims to systematize major economic approaches to health capital and to distinguish the volume of public financing from the effectiveness of its allocation. A structured narrative review and conceptual comparative analysis are applied to foundational human capital theory, the health-capital model, and selected empirical research on public health expenditure and economic outcomes. The analysis identifies four interrelated transmission channels: preservation of productive time, accumulation of skills over the life course, protection of households against health-related financial shocks, and population-level externalities generated by preventive services. It also develops a conceptual framework linking fiscal inputs, healthcare system outputs, health outcomes, and human capital outcomes. The findings are conceptual rather than econometric: increased spending alone cannot establish improved human capital without attention to accessibility, quality, efficiency, and institutional conditions. The article concludes that primary care, prevention, and transparent performance monitoring deserve priority in public finance strategies intended to strengthen human capital.