中文摘要：

新经济增长理论认为,人力资本与物质资本同样是经济增长的重要因素,但众多实证检验并不支持这一结果.在社会总入口和财富一定的约束下,人力资本的生产必然存在一个最优水平（入力资本投资的黄金律值水平）.笔者利用1978年～2010年三大行业的面板数据对中国劳动力市场人力资本增进函数值的估算,形成结论：基于社会产出和个人收益视角的黄金律值分别为20.85年和14.63年;个人收益视角的黄金律值低于社会经济发展要求的黄金律值,家庭缺乏对高层次人力资本投资的动力,国家应该实行“抓两头,放中间”的人力资本生产战略;当人口增长集中于老年人时,人力资本增长与经济增长并不具有一致性.

英文摘要：

The theory of new-economic growth points out that human capital is as important as physical capital in economic growth. But many empirical tests do not support this conclusion. We believe that there must be the optimal level in the investment of human capital based on the wealth constraints of the social total population and the entire society. The paper uses the panel data of 1978 - 2010 to es- timates the value of in the accumulation function of human capital. Some conclusions are made as follows ： first, the gold value to maxi- mize the whole society output is 20.85 years and the gold value to maximize personal gains is 14.63 years ; second, the private sector has no interest in investing high-level human capital ; third, the increase of economy and human capital stock are not always consistent when the proportion of the elderly people has significantly increased.