Optimal Investment in Human Capital under Conditions of Nonstable Population
分析当人口增长率外生变化时，物质资本和人力资本的最优投资路径，通过叠代模型导出广义黄金律和一系列教育黄金律，并用数值模拟说明。
The paper analyses optimal investment in physical and human capital when the (exogenous) rate of population growth changes. The growth model describes a closed economy with overlapping generations and homogeneous human capital. The optimal growth path is characterized by two groups of optimality conditions: a Generalized Golden Rule for optimal investment in physical capital; and a continuum of Golden Rules of Education corresponding to the continuum of active generations. These conditions for optimal investment in human capital can be interpreted in terms of the familiar equality of discounted costs and returns. The model is illustrated with a numerical simulation. (EXCERPT)