Human Capital, Product Quality, and Growth
构建了一个增长模型，其中有限寿命个体投资于人力资本，人力资本对后代有正外部性，且高人力资本劳动生产更高质量产品。分析稳态增长路径，并发现小国开放经济在极端先进或落后时，自由贸易下的人力资本投资率低于自给自足。
A model of growth is developed in which finite-lived individuals invest in human capital, investments have a positive external effect on the human capital of later cohorts, and labor with more human capital produces higher-quality goods. Stationary growth paths are analyzed, paths along which human capital and the quality of goods grow at a common, constant rate. It is also shown that if a small open economy is either very advanced or very backward relative to the rest of the world, then its rate of investment in human capital is lower under free trade than under autarky.