DEVELOPMENT OF THE CONCEPT OF PUBLIC INVESTMENTS IN FOREIGN AND UKRAINIAN ECONOMIC THOUGHT

Abstract

Introduction. In the modern system of public administration, public investments are acquiring strategic importance as an instrument for ensuring structural modernization of the economy, infrastructure development, human capital formation, and increasing the competitiveness of the state. The strengthening of global economic challenges, digital transformation processes, and the necessity of Ukraine’s post-war recovery intensify the need to establish an effective public investment management system in accordance with international Public Investment Management standards.

Purpose. The purpose of the study is to provide a comprehensive analysis of the evolution of the concept of public investments in foreign and Ukrainian economic thought, determine modern approaches to interpreting their economic essence, and investigate the peculiarities of the development of the Public Investment Management system in Ukraine.

Materials and Methods. The theoretical and methodological basis of the research includes the works of foreign and Ukrainian scholars in the fields of public finance, public sector economics, and investment policy. The study applies historical-logical, systemic, comparative, and institutional approaches, as well as methods of scientific generalization, analysis, and synthesis. The information base of the research consists of Ukrainian legal and regulatory acts, analytical materials of international financial organizations, statistical data of the Ministry of Finance of Ukraine, and contemporary scientific publications devoted to Public Investment Management issues.

Results. The article substantiates that the modern understanding of public investments was formed under the influence of classical political economy, the German historical school, Keynesian theory, and the modern concept of public sector economics. It is determined that in contemporary international practice public investments are considered long-term state investments aimed at creating public capital, developing infrastructure, education, science, and human potential. The current stage of Public Investment Management development in Ukraine is analyzed, including the legal consolidation of the category “public investments” and the peculiarities of forming the Unified Public Investment Project Portfolio in 2025.

Prospects. Further research should focus on improving mechanisms for evaluating the efficiency of public investments, developing digital systems for investment project management, and analyzing the impact of public investments on Ukraine’s post-war recovery and long-term economic sustainability.