I'm trying to prove that if we have the elementary symmetric polynomials that the following identity holds:(where $x = (x_1,..,x_n)$ is a vector of n variables) $$\sum_{k=0}^n e_k(x)^2 = x_1\cdots x_n \sum_{j=0}^{\lfloor n/2 \rfloor} {2j \choose j} e_{n-2j}(x_1+1/x_1,\cdots x_n+1/x_n).$$ I'm trying to prove this combinatorially, but I'm stuck so I'd love some hints or tips.
Update: I guess we can get some interpretation with strictly increasing functions, but that thought isn't fully developed yet.
Consider the following experiment. There are $n$ boxes, with two identical coins each. We pick some $k \in \{0,\ldots,n\}$, pick $k$ coins from different boxes $A$, and then again pick $k$ coins from different boxes $B$. The left-hand side is exactly the generating function of all possible outcomes.
Here is another way of performing the same experiment. First choose a number $j < n/2$; this is going to be the size of $|A \setminus B| = |B \setminus A|$. Instead of choosing the elements in $(A \setminus B) \cup (B \setminus A)$, we will choose which elements are in $A \cap B$ and which in $\overline{A \cup B}$; we have to decide on $n-2j$ elements. If we start with assuming that each element is picked once (this is the factor $x_1\cdots x_n$), then putting an element $i$ in $A \cap B$ is like multiplying by $x_i$, and putting it in $\overline{A \cup B}$ is like multiplying by $1/x_i$. We are left with $2j$ elements, $j$ of which are in $A \setminus B$ and the rest in $B \setminus A$. There are $\binom{2j}{j}$ choices for that. Writing everything out, we get the right-hand side.