Relative Capital Formation in the United States
用世代交叠模型说明，创新速度提高会改变资本形成结构，偏向人力资本、减少物质资本，并降低总储蓄。美国时间序列数据支持这一假说。
A version of the overlapping-generations model suggests that an increase in the rate of innovation alters capital formation in favor of schooling and other human capital at the expense of physical capital, and tends to reduce total savings, defined as human investments plus financial savings. The theoretical explanation suggests that relative capital formation in human beings, but not necessarily absolute capital formation, is positively associated with the degree of innovation. Analysis of U.S. time-series data supports the hypotheses advanced in the paper.