In this paper we propose to study the dynamics of human capital accumulation by means of a Markov chain. We identify the conditions for the emergence of ergodic and nonergodic dynamics,and relate them to various characteristics of an economic system. The model may generate high-skill and low-skill equilibria as well as intermediate situations. Policy implications are also discussed.
|Stato di pubblicazione||Published - 2006|
All Science Journal Classification (ASJC) codes