中文摘要：

在标准的卢卡斯模型中引入闲暇这一影响人们偏好的重要变量，可研究人力资本积累效率的变化如何影响社会福利。提高人力资本积累效率一定能够提高经济增长速度，但是却未必能够提高社会的福利水平。实际上，只有当人力资本积累效率达到一定的水平时，人力资本积累才能够增进社会福利。因此，如果政府想通过扶持教育产业来提高人们的福利水平，一定要加大支持力度，只有超过相应的瓶颈门槛，才能够充分发挥人力资本的正作用。

英文摘要：

This paper uses a Lucas-type model to analyze how the accumulation efficiency of human capital af- fects the welfare. In this model, leisure, which can affect the preference, is introduced as an important variable. The research shows that increasing the accumulation efficiency of human capital can certainly improve the economic growth rate, but does not necessarily enhance the welfare. In fact, increasing the accumulation efficiency of human capital can enhance the welfare only when the accumulation efficiency of human capital reaches a certain level. The efore, to better support the education industry, the government must make greater efforts to cross the threshold in order to improve the welfare.