人力资本投资与物质资本回报率关系研究——基于世代交叠模型的视角

Research on the Relationship between Human Capital Investment and Material Capital Return:from the Perspective of OLG Model

人力资本和物质资本是经济增长的两大动力源泉,探求两者的变化关系对增长理论的补充与完善至关重要。基于世代交叠模型视角,建立人力资本投资和物质资本回报率的关系模型,通过数理推导得出人力资本投资与预期物质资本回报率呈反向变化关系,与国民消费偏好和人力资本的劳动量生成弹性呈正向变化关系。用中国1 978-201 1年的数据进行实证研究得出了同样的结论。需要引导民众进行更多的人力资本投资,增强经济发展潜力。

Human capital and material capital are the two power sources of economic growth,so it is of great importance to explore the relationship between them for the purpose of supporting and improving the growth theory.Based on the overlapping generations model,this paper first builds a model of relationship between human capital investment and the returns of material capital,then through mathematical deduction,it draws such conclusion that there is a reverse changing relationship between the human capital investment and the material capital return,and a positive changing relationship between the national consumption preference and the labor generate elasticity of human capital.An empirical study conducted with the date from 1978-2011 in China has also drawn the same conclusion.Therefore,it is necessary to guild the public to invest more into the human capital,so as to increase the economical development potential.