本文对美、日两国的资本深化过程和经济危机过程的考察结果表明两者之间有紧密的相关关系。按照索洛的稳态增长条件理论,资本深化并不必然带来经济危机。但资本—劳动比不断增长的现实最终会使资本深化远离稳态水平,越来越大的资产价格泡沫和过高的人均资本量只有通过经济危机的爆发来消除和降低。研究结果表明,扩大社会就业和加大民生工程支出等是防止人均资本量过高即资本深化引致经济危机爆发的有效措施。
This article examines the process of capital deepening and the process of economic crisis in the U. S. and Japan. The results show that the two processes have close relationship. According to Solow' s theory of steady growth conditions, capital deepening can not necessarily lead to economic crisis. However, the reality of the increasing ratio of capital to labor will drive capital deepening from the steady level finally. More and more assets price bubbles andexcessive capital per capita have to be rid off or decreased through the outbreak of economic crisis. The results suggest that expanding social employment and increasing spending on people's living should be effective measures to prevent economic crisis from excessive capital per capita (i. e., capital deepening).