PUBLIC EXPENDITURE AND HUMAN DEVELOPMENT: FINANCING WELFARE IN BRICS-T COUNTRIES

Abstract

The role of the state in the economic development process and the impact of public expenditures on social welfare have long been debated in economic literature. Traditional growth models have considered economic growth and per capita income as the primary indicators of development for many years. However, it has become widely accepted that development is not solely limited to economic growth but should also consider individuals’ access to education, healthcare, and overall quality of life. In this context, the Human Development Index (HDI), developed by the United Nations Development Programme (UNDP), has emerged as a multidimensional measure of welfare, incorporating not only the economic aspect of development but also education and health indicators.