This paper examines the conceptualization of health as a resource and the implications that such a definition has for public health programs and policies. First introduced in the Ottawa Charter for Health Promotion, health is commonly defined by practitioners, policy makers, and scholars as a resource for everyday life. However, despite frequent references to health as a resource, little attention has been paid to the meaning of this one-line phrase. Thus, we draw on a multidisciplinary body of literature to examine key features of health that characterize it as a resource, as well as its similarities, differences, and associations with other resources. We argue that, as a resource, health is appropriately conceptualized as a type of capital that can be invested in by individuals and societal institutions to achieve positive health returns. Similar to human capital, health is embodied in individuals, and, as such, it is not a tradable resource like money. Health cannot be exchanged or sold for goods and services and it cannot be obtained directly in exchange for goods and services. Instead, as a type of capital, health is a stock of biopsychosocial resources that people can draw on to participate in society. Although health shares some characteristics with human capital, we contend that health is not a component of human capital, as some scholars indicate. Lastly, we maintain that there are important program and policy implications, both positive and negative, of adopting an economic definition of health.

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