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Subject. We determine the substance of public health as a target of management in terms of investment. Objectives. We analyze theoretical forerunners of the origination and the development of the public health concept in terms of its economic substance as a resource and investee. Methods. We sort out literary data and carry out the logic, focused and content analysis of the text. Results. The article analyzed approaches to understanding the substance and evolution of health and public health as concepts. We believe that it is necessary to specify the definition of public health in terms of its economic substance as a resource. We correspondingly analyzed the related concept, such as health capital, human capital. We suggest interpreting the public health as a medical, social and economic resource, whose quality and value are gauged with a set of demographic, medical and statistical metrics. Their level depends on the living conditions of people who are virtually investees. Conclusions and Relevance. The theoretical study and suggested definition contribute to the development of the public health theory in terms of its economic substance and dependence on the socio-economic situation in the country or the region, and the volume and method of investing in the living conditions of people. The findings can be used for further research into the nexus of the mix and volume of investment in public health and its level in the region.

The origination and development of the public health concept as an investee: Theoretical forerunners