Deepening Of Capital,Human Capital Accumulation And Economic Sustained Growth In China

China's economic growth has been characterized by capital formation in recent years ,we take human capital accumulation into account to analyze. we find that ,(1) During the period of 1978-1994,china's capital-output ratio maintained a declining pattern ,with the exceptional fluctuation from 1989 to 1991 ,only after has china's capital-output ratio begun to increase slightly ,but happen to decrease exceptionally of 1999-2003 ;(2) China's human capital stock has trended upward since 1978, and if we take human capital external effect into account, will increase material capital capita and decrease capital-output ratio, but ,because of the marginal reward increasing effect of human capital ,such capital capita upward will cause to economic sustainable growth. In addition, after 1978,human capital , especially specialized human capital contributes to technical change and has effect on economic growth by total factor productivity (TFP) ,which are the main elements of economic sustained growth; (3) China's material capital stock has been highly contribute to economic growth and china's human capital stock has been slightly rising since the reform started inl978, however, china's human capital stock has been largely increased in recent years ,so, we should keep it and make china's economic growth sustainable.The main body of this paper is composed of five sections except the foreword and summary.Section 1 ,we introduce economic growth theory .In this section ,we discuss the development path of economic growth theory .After Solow model ,there are three different models of economic growth theory .Firstly, endogenous growth theory is found by Arrow, Romer , Lucas and so on; secondly, division of labor is emphasized in economic growth by Young , Xiaokai Yang and Becker and so forth ;thirdly, public policy and institution are emphasized in economic growth by Hall, North .In addition, we provide domestic study about China's economic sustainable growth.Section 2 is devoted to Solow model and Lucas model .We take human capital into Lucas model , then find increasing capital capita and decreasing capital-output ratio.Section 3 analyzes the human capital theory , four approaches to measuring the...