本文運用社會投資（Social Investment)的概念來比較和討論澳門教育 政策與老人政策的支出，以了解澳門社會政策的福利發展。結果顯示教育 政策支出在占政府總公共支出、本地生產總値（GDP)的比例及人均政策 支出上均高於老人政策支出。综合得出三個結論：1.澳門著重積極性政策 的投資性支出，並適度增加補救性政策的補償性支出；2.澳門著力維持資 本主義社會制度落實，並以此主導著澳門福利制度的發展，社會政策支出 的分配與社會投資概念的部分觀點接近；3.澳門教育政策支出保持平穩發 展，需要考慮持續加大教育政策支出，以免出現福利制度的倒退，脱離了 與社會投資福利體制概念討論的軌道。

This paper used the concept of social investment to compare and discuss the education policy expenditure and the elderly policy expenditure to understand the welfare development of social policy in Macao. The results showed that education policy expenditure is higher than the elderly policy expenditure in the proportion of total government public expenditure, gross domestic product (GDP) and per capita policy expenditure. Three conclusions are drawn comprehensively: 1. Macao emphasizes the investment nature of proactive policies and moderately increases compensatory expenditures for remedial policies; 2. Macao strives to maintain the implementation of the capitalist social system and leads the establishment of the welfare system in Macao, the distribution of social policy expenditure is close to part of the concept of social investment; 3. Education policy expenditure has been developing steadily. It is necessary to consider continuing to increase education policy expenditures to avoid the regression of the welfare system and deviating from the discussion track with the social investment welfare regime.