人力资本、内生生育行为与经济增长

将生育行为看作内生变量，假定人力资本具有收益递增性，当人力资本存量较多时，孩子质量（人力资本）收益率高于孩子数量收益率，而当人力资本存量较少时，孩子质量收益率低于孩子数量收益率。因此，在人力资本存量较少的社会，家庭选择多生孩子，对每个孩子的人力资本投资较少；而人力资本存量较多的社会，家庭选择少生孩子，对孩子的人力资本投资较多。这导致存在两个稳态均衡，一个是欠发达的具有较多孩子与较少人力资本的稳态均衡，另一个发达的具有较少孩子和较多人力资本的稳态均衡。

Human Capital, Endogenous Fertility, and Economic Growth

This paper regards fertility as an endogenous variable and assumes increasing returns on human capital.When the stock of human capital is abundant,the returns on the quality of children(human capital) is higher than those on their quantity,whereas when the stock of human capital is scarce,the returns on the quality of children is lower than those on their quantity.Therefore,in societies with scarce stock of human capital,families would choose to have more children and invest less on the human capital of children,while in societies with abundant stock of human capital,families would choose to have less children and invest more on the human capital of children.This results in the two stable equilibriums: one in less-developed societies with more children and less human capital,and the other in more-developed societies with less children and more human capital.