The Role of Education Policy as Human Capital Investment in Driving Social Welfare: A Hybrid Systematic Literature Review and Bibliometric Analysis

Abstract

Education policy is viewed as a strategic investment in human resource development and is often normatively assumed to be a universal instrument for promoting well-being. This study aims to unravel this conceptual complexity by mapping trends in the evolution of global research, analyzing the distribution of academic contributions, and synthesizing the mechanisms through which educational investment may contribute to social well-being. The method used is a hybrid approach that integrates bibliometric analysis and a Systematic Literature Review (SLR) following the PRISMA protocol. Macro-level bibliometric analysis was used to map knowledge clusters, which were subsequently transformed into a framework to guide a micro-level qualitative synthesis of 36 core Scopus-indexed articles (2015–2025). The findings reveal four major themes in global research: education funding, the labor market, welfare reform, and policy evaluation. The analysis indicates that the impact of educational investment on well-being does not occur automatically. It depends on a country’s specific circumstances and must be supported by a robust budget and sound institutional management to ensure that a bachelor’s degree is not wasted. This study offers a new perspective that bridges two theories: the theory that views education merely as a means of finding work (Human Capital) and the theory that views education as a means of humanizing people (Capability Approach). This study provides strategic implications for policymakers regarding the importance of reorienting educational investment toward strengthening inclusive digital literacy.