Consider a Solow growth model with a human capital augmented production function

=1Yt=AKtHtN1

Suppose that both physical and human capital are accumulated with constant savings rates sK and sH respectively and depreciate at the common rate , that is

+1=Kt+1Kt=sKYtKt

and

+1=Ht+1Ht=sKYtHt

There is no growth in productivity A or raw labor N.