资本回报率、人力资本投资与收入不平等——基于Galor-Zeira模型的扩展

资本回报率下降对人力资本投资、收入不平等程度有较大影响。本文将可变资本回报率加入Galor-Zeira模型,理论推导发现:收入不平等陷阱并非不可逾越的障碍。当技能劳动力工资高于受教育固定成本时,随着资本回报率下降,接受教育的遗赠临界水平将降低,更多家庭将发现投资人力资本是有利的,稳态的技能劳动力比例将提高。在当前资本回报率下降的大背景下,提高技能劳动力工资、降低受教育成本、对教育贷款实施财政减免优惠、为农村中等教育支出减负和提升农村教育质量、倡导节俭和重视遗赠的文化氛围在长期都有助于提高技能劳动力比重以及缓和收入不平等。

Return on Capital,Human Capital Investment and Income Inequality:An Extension based on Galor-Zeira Model

The decrease of return on capital has a great influence on human capital investment and income inequality.In this paper,we add the variable return on capital to the Galor-Zeira model,and find that the income inequality trap is not insurmountable.When the wage of skilled labor is higher than the fixed cost of education,as the rate of return on capital decreases,the critical level of bequest for education will decrease,more families will find that it is beneficial to invest in human capital,and the proportion of skilled labor in steady state will increase.In the context of the current decline in the return on capital,improving the wage of skilled labor,reducing the cost of education,implementing financial relief and preferential policies for education loans,reducing the burden of rural secondary education expenditure and improving the quality of rural education,advocating thrift and paying attention to legacy cultural atmosphere will help to increase the proportion of skilled labor and ease income inequality in the long term.