第四课：1. 近来，政府对人力资本的投资有加大的趋势，但较之2001年全世界高3.1%的标准，则投资比例仍然偏低。
(段一倒4)Recent trends in investment in government human capital investment are favorable but the investment proportion is still low by world standards rising to in2. 然而，有证据表明教育和技术构成的真正回报率非常高。
这种不平衡是现行政策曲解的一种症候，而且这种曲解阻碍了中国经济发展。
(段二正2—09年)However, evidence indicates that the true rate of return to education and skill formation is high and that the imbalance is symptomatic of a serious distortion of current policy that retards economic development in china.3. 当经济学家最初衡量经济发展的根源时，从前一直被认为是无法解释的剩余因素，现在被称为人力资本。
(段三正1)When economists first began to measure the sources of economic growth, what previously had been considered an unexplained residual became identified as human capital.4. 有些人认为，“人力资本”这一术语意味着个性的丧失，使人们联想到一个将人与机器等同的不人道社会。
事实上，恰恰相反，这一概念承认人的重要性。
(段四正1)The term “hp” suggests to some a depersonalization of individuals and is associated in the popular mind with a dehumanizing society that equates men with machines.5. 技能广还便于劳动者在出现新的机会时跨工种、跨行业、跨地区流动，有助于人们重新分配人力资源和物质资源，使其投入到生产力更高的领域中去，甚至使人们预见到这些机会的存在。
(段七正6)Great skill also facilitates worker mobility across occupation, industries and regions in response to new opportunities, it helps people reallocate resources, both human and physical, toward more productive opportunities exist.6. 教育对中国各地区全因素生产力所造成的影响证明：中国内地教育水平的低下，阻碍了政府最近对内地加大投资政策的实施。
(段九倒5)The impact of education on total factor productivity in regions in china shows that the recent policy of promoting investment in noncoastal areas of china was thwarted by low level of education in the noncoastal regions.7. 当我们思考在中国的适当投资策略以及各地区发展的时候，十分重要的是要知道，优化人力资本和实物资本投资组合将推动最高速度的发展。
(段十正1)When we think about an appropriate investment strategy in china, and the development of its regions, it is very important to understand that optimizing over the full portfolio of investment---both human and physical capital 8. 出身地是决定一个人成年后技能水平的最重要的因素之一，这是中国社会同代人和隔代人之间不平等的重要根源。
(段十一正5)The place of a person’s birth is one of the most important determinants of that person’s adult skill level. This is a powerful source of inequality in Chinese society across people at a point in time and across generationgs.9. 残存的户籍政策加剧了这种不平等。
这种政策向跨区流动人员的子女征收高达他们家庭总收入百分之十的借读费。
(段十一正8)This source of inequality is reinforced by the vestiges of hk policy that charges children of interregional immigrant above normal fees that are as large as 10 of total family income just for the right to attend school.10. 各地区每个学生的费用支出相差很大，它与各省人均GDP的正比关系是很显然的，而且是可精确估算的。
(段十二正1)The regional variation in cross section per pupil expenditure is enormous and the positive relationship with provincial GDP per capita is fairly clear and precisely estimated.11. 在中高等教育阶段普遍征收学费是合理的，将有限的教育资源分配给那些最有可能从教育获益的人。
(段十三正1)A policy of charging fees for access to education, which is widespread in secondary and higher levels, can be justified as a way to ration scarce resources to those who might benefit most from education.12. 在中国经济中教育回报率的实证数据表明了什么？对政府的活动进行量化评估，剔除坏的投资保留好的投资，实事求是地执行政策，这是至关重要的。
(段十五正1—08年)What does the empirical evidence on the rate of return to education in the Chinese economy show? It is important to evaluate government activities on a quantitative basis, to screen the bad investments from the good ones and to conduct policy an a factually informed basis.13. 单靠鼓励物力资本投资来提高内地生产力的政策是不均衡的。
这种政策的效率远低于对两者同时投资的均衡政策。
(正十七倒6)An imbalanced policy that seeks to improve productivity in noncastal regions by encouraging investment in physical capital alone is much less efficient than a policy that invests in a more balanced fashion in both.14. 一个自由的市场会使得像越来越多地主宰中国资本市场和产品市场的那样一种激励机制发挥作用，大大地促进技能培训。
(段十九正3)A free market that allows the same kind of incentives15. 另一个推进发展的方式是通过资本和劳动力的自由流动，来平衡地区之间和城乡之间的人力资本和实物资本的回报率。
(段二十正1)Another policy that would promote growth is equalization of regional and urban vs rural rates of returns to human and physical capital by permitting free capital and labor mobility.16. 消除地区工资差距，开放市场，让人口在全国自由流动寻找机会，这会加快国家整体的经济发展。
同样，集中式教育财政有利于将政府资金从中央均衡地分配给各地区和城乡，这也会加快国家整体的经济发展。
(段二十正七)Eliminating regional disparity in wages and opening up markets to allow freedom of migration and pursuit of opportunities throughout china would enhance economic development of the country as a whole. So would a centralized educational finance policy that served to allocate government funds from the center more evenly across the regions and between rural and urban areas.17. 注重培养人力资本和更开放的劳动力流动的政策，将会弥补因开放工资体系所造成的不断加剧的不公平。