The purpose of the study is to measure the "growth drag" according to the characteristic of Chinese land resource.Romer model (2001) holds that every country is inevitably affected by the "growth drag&q...The purpose of the study is to measure the "growth drag" according to the characteristic of Chinese land resource.Romer model (2001) holds that every country is inevitably affected by the "growth drag" due to the limitation of land resource.So it's of profound strategic significance to measure the "growth drag" according to the character of Chinese land resource.Modified two-level CES production function was employed,and this paper modified the hypothesis of the model.The result indicates that the limitation of Chinese land resource casts shadow over the economic development of China,and the growth rate is 0.4618% lower than that without the limitation of land resource.Through implementing the land resource protection policy along with the technology improvement and the substitute effect of other factors to the land resource,China will keep a steady and balanced economic growth.展开更多
Some results in growth theory based on the Cobb-Douglas production function model are generalized when the production function is chosen to be the Constant Elasticity of Substitution (CES) function. Such a generalizat...Some results in growth theory based on the Cobb-Douglas production function model are generalized when the production function is chosen to be the Constant Elasticity of Substitution (CES) function. Such a generalization is of considerable interest because it is known that the Cobb-Douglas function cannot be used as a suitable model for some production technologies (like the US economy and climate changes). It is shown that in the steady state the growth rate of the output is equal to the Solow residual and that the capital deepening term becomes zero. The CES function is a homogeneous function of degree two and a result is obtained on the wage of a worker using the Euler’s theorem.展开更多
Human capital,as a synthesis of wisdom and physical fitness condensed in workers,is sometimes confused with technological innovation by existing literature.This paper makes comparisons between these two terminologies....Human capital,as a synthesis of wisdom and physical fitness condensed in workers,is sometimes confused with technological innovation by existing literature.This paper makes comparisons between these two terminologies.Technological innovation is a short-term activity that attaches importance to economic benefits while human capital accumulation is a long-term strategic process with lifelong benefits,and human capital is the foundation of technological innovation.In empirical part,this paper adopts Solow Residual Method to calculate stock,elasticity and growth rate of human capital of 10 countries after eliminating physical capital,labor force and technological innovation.It is found that human capital stock in the United States is the largest and human capital growth in China is the fastest.Calculation is followed by measurement.We construct a comprehensive index of human capital by using Index Weight Assignment Method and Two-level&Three-factor CES Function to measure and predict human capital level in China.Both calculating and measuring results show that growth rate of China’s human capital is around 5%.In the future,for high-quality economic development,China should give priority to human capital development and comprehensively improve human capital competitiveness.展开更多
基金founded by the Excellent Young Teachers Program of Shanghai Municipal Education Commission (Grant No. B8101090039)the Project for Doctoral Research Fund of Shanghai Ocean University (Grant No.A2400080314)
文摘The purpose of the study is to measure the "growth drag" according to the characteristic of Chinese land resource.Romer model (2001) holds that every country is inevitably affected by the "growth drag" due to the limitation of land resource.So it's of profound strategic significance to measure the "growth drag" according to the character of Chinese land resource.Modified two-level CES production function was employed,and this paper modified the hypothesis of the model.The result indicates that the limitation of Chinese land resource casts shadow over the economic development of China,and the growth rate is 0.4618% lower than that without the limitation of land resource.Through implementing the land resource protection policy along with the technology improvement and the substitute effect of other factors to the land resource,China will keep a steady and balanced economic growth.
文摘Some results in growth theory based on the Cobb-Douglas production function model are generalized when the production function is chosen to be the Constant Elasticity of Substitution (CES) function. Such a generalization is of considerable interest because it is known that the Cobb-Douglas function cannot be used as a suitable model for some production technologies (like the US economy and climate changes). It is shown that in the steady state the growth rate of the output is equal to the Solow residual and that the capital deepening term becomes zero. The CES function is a homogeneous function of degree two and a result is obtained on the wage of a worker using the Euler’s theorem.
文摘Human capital,as a synthesis of wisdom and physical fitness condensed in workers,is sometimes confused with technological innovation by existing literature.This paper makes comparisons between these two terminologies.Technological innovation is a short-term activity that attaches importance to economic benefits while human capital accumulation is a long-term strategic process with lifelong benefits,and human capital is the foundation of technological innovation.In empirical part,this paper adopts Solow Residual Method to calculate stock,elasticity and growth rate of human capital of 10 countries after eliminating physical capital,labor force and technological innovation.It is found that human capital stock in the United States is the largest and human capital growth in China is the fastest.Calculation is followed by measurement.We construct a comprehensive index of human capital by using Index Weight Assignment Method and Two-level&Three-factor CES Function to measure and predict human capital level in China.Both calculating and measuring results show that growth rate of China’s human capital is around 5%.In the future,for high-quality economic development,China should give priority to human capital development and comprehensively improve human capital competitiveness.
