May human capital rescue the Empty Planet?
构建了一个基于研发的增长模型，引入人力资本和人口下降因素，发现人力资本可以缓解或克服人均GDP可能出现的停滞，同时实现持续经济增长与长期生产率停滞并存。
Evidence suggests that fertility rates are already below the replacement level in many advanced countries, meaning that population is decreasing in these regions. We build an R&D-based growth model with human capital and declining population to show that the introduction of human capital can mitigate (or overcome) the stagnation in GDP per capital that may otherwise occur. Also, our model allows us simultaneously to observe sustained economic growth combined with secular productivity stagnation.