论物质资本与经济增长

On physical capital and economic growth

现代经济增长的多元性决定了物质资本地位的下降,人力资本、环境资本和社会资本地位的上升。然而,各种非物质资本对物质资本的替代性始终是有限的。对正处于工业化过程中的广大发展中国家来说,物质资本比后工业化国家重要。包括中国在内的发展中国家既要重视物质资本的形成,同时又要加速各种非物质资本的积累。

The multiplicity of modern economic growth determines the decline in the position of physical capital and the rise in the position of human capital,environmental capital and social capital. However, the substitution of all kinds of non - physical capital for physical capital is limited. For the developing countries in the process of industrialization, physical capital is more important than post industrialization society. The developing countries with China included should not only pay enough attention to the shaping of physical capital but also accelerate the accumulation of different kinds of non - physical capital.