The name is absent

When ½ = 0:5; The dynamics and the long-run scenarios are similarto
the perfectstochasticcase.

M oreoverthehigher½, thefewerthenon-nullpersistentsteadystates and
therefore the long-run distribution is no more ergodic. In otherwords, the
higherthe persistence amonggenerations, the lowerthe socialmobility.

Summarizing when the level Oftechnical ine¢ Ciencyisdeterminedbothby
genetics and by N ature, the long-run distribution is strictly dependenton the
degree ofpersistence: the more the skills are inheritable, the more plausible
are multiple equilibria and non-ergodic distributions.

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