“…In 1970s, in accordance with the argument of the authors of [5], who underlined that through investing in education and health, a person aims to increase his/her future income, the authors of [6] redefined the term human capital as 'a combination of innate capabilities as well as acquired skills, knowledge and motivation that are used for producing goods and services and represent a source of human and social income', which consequently improves productivity and thus economic growth [7]. Later, with the rise of the Endogenous Growth Theory during 1980s, which differs from neoclassical growth through emphasizing that economic growth is not a result of forces that impinge from the outside, but an endogenous outcome of an economic system [8] generated as a direct result of internal processes such as human Sustainability 2024, 16, 3898 2 of 30 capital, innovation and technical progress, the importance of human capital on economic growth and development started to receive accelerating attention theoretically and empirically, leading to a strong consensus on the significance of human capital accumulation for economic growth (among many others, see [9][10][11][12][13][14][15][16][17][18][19][20][21][22][23][24][25][26]), especially for developing countries, although ongoing internationalization efforts in the healthcare sector have posed problems in terms of data security and, therefore, studies conducted on developing countries present limitations in terms of data reliability [27]. Further, human capital is demonstrated to have both external and internal spillover effects on growth [28] and is argued to have an indispensable role in achieving high levels of sustainable economic growth which, according to Organization for Economic Co-operation and Development (OECD), means growth that balances economic, social, and environmental considerations [29].…”