内生增长理论将知识视为解释国别、地区间经济增长差异的一个重要因素。其基本启示在于,一国或地区通过知识投资可以获得更高的经济增长率。但基于此的经济政策实践有时却会呈现出截然不同的结果,最典型的就是“欧洲悖论”的发生。相对于美国,欧洲在将知识投资转变为经济产出方面一直收效甚微。本文基于企业家资本理论和一个内生企业家知识溢出模型分析认为,导致这一现象的关键原因在于,欧洲国家在现代经济增长进程中对企业家角色以及企业家资本作用的长期忽视。事实上,作为重要的知识溢出渠道,其正是欧洲知识投资与经济增长中缺失的一环。 Endogenous growth theory sees knowledge as an important factor in explaining the differences in economic growth between countries and regions. Its basic enlightenment lies in that a country or region can obtain higher economic growth rate through knowledge investment. However, based on this economic policy practice will sometimes show very different results, the most typical is “European paradox ” occurred. In contrast to the United States, Europe has been ineffective in converting knowledge investment to economic output. Based on the theory of entrepreneur’s capital and an endogenous entrepreneur’s knowledge spillover model, this paper argues that the key reason for this phenomenon lies in the long-term neglect of the role of entrepreneurs and capitalists in the process of modern economic growth in European countries. In fact, as an important channel of knowledge spillover, it is exactly the missing part of the European knowledge investment and economic growth.