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Published on: April 23, 2016
Path-dependent economic evolution with capital accumulation and education
1Ritsumeikan Asia Pacific University, 1-1 Jumonjibaru, Beppu-Shi, Oita-ken, 874-8577, Japan. wbz1@apu.ac.jp
Abstract:
This paper proposes a dynamic economic model with wealth accumulation and human capital accumulation. The economic system consists of one production sector and one university. The university carries out education. The model describes a dynamic interdependence between wealth accumulation, human capital accumulation, and division of labor under perfect economic competition and the government intervention in education. We provide conditions for the existence of equilibrium points and stability of the nonlinear dynamic system. The simulation results demonstrate path-dependent processes of the nonlinear evolution. Some insights into East Asia's industrializing processes are provided.
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Two special sources may be considered when they are in phase. This can be easily achieved by feeding the two sources from the same source. An example would be synchronizing the two speakers by feeding them with the same source, such as the sound waves produced by a tuning fork. This setup ensures that the two sources have the same frequency and are...

