Abstract
In this paper a multi-scenario model is built, in the framework of neoclassical labor market conditions and the human capital theory, that generates multi-value estimates of potential graduate imbalances and gives alternative optimum solutions of full employment and non-optimum solutions with unemployment. The model in fact reflects the impact of the labor market, of individual preferences and of educational changes. Its diversity property provides the possibility of policy choices for reducing imbalances. To demonstrate how the model works in practice we constructed a set of scenarios appropriate to the Greek case, and estimated them by applying a simple time-trend projection technique. By combining the results of these scenarios, a matrix of numerical estimates of potential future graduate imbalances is obtained, and the conditions of alternative optimum solutions and the economically unwarranted social cost of non-optimum solutions are evaluated.
Published Version
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