A Microfoundation for Social Increasing Returns in Human Capital Accumulation
为人力资本积累中的社会递增回报提供了微观基础，机制是事前投资与劳动力市场双边搜寻互动产生的货币外部性，证明即使生产函数规模报酬不变且无技术外部性，工人人力资本的均衡回报率仍随平均人力资本增加而上升。
This paper proposes a microfoundation for social increasing returns in human capital accumulation. The underlying mechanism is a pecuniary externality due to the interaction of ex ante investments and costly bilateral search in the labor market. It is shown that the equilibrium rate of return on the human capital of a worker is increasing in the average human capital of the workforce even though all the production functions in the economy exhibit constant returns to scale, there are no technological externalities, and all workers are competing for the same jobs.