Assessment Of Investment Activity In Human Capital “Health”

Abstract

During global competition, sustainable economic growth is influenced by investments in human capital. Under conditions of the complex demographic situation in Russia, a major challenge is human capital “health”. Investments in capital “health” provide foundation for developing high-quality cumulative human capital of future generations, are twofold and may have different financing sources. Consequently, one should assess adequately investment activity efficiency and find out factors influencing it. The article examines the essence of investments in capital “health” in terms of human capital theory. Approaches to the definition of the investment activity and methods of its assessment are analyzed. The multi-factor indicator of the investment activity level is presented; it is consistent with the public policy related to nation’s health, possibilities of individuals to invest and real public health expenditures. Statistical data of health indicators and levels of investments in health protection in some countries are analyzed. The level of Russian activity of investing in capital “health” is defined; interpretation of factors influence on the investment activity index is presented. The proposed methodology allows defining directions of influence on creating sources of investments in human capital “health” and it can be used as an analysis instrument when developing the country’s social policy. The given methodology allows comparing levels of investment activity in different countries and drawing conclusions about real possibilities of transition from the post-industrial economy to the “innovative” one, as capital “health” is a foundation for qualitative national human capital having high levels of knowledge and corresponding competences.