Convergence in the Neo-classical Model of Economic Growth
Abstract
Theoretical foundation of the convergence concept in neo-classical growth model has been analysed. According to that concept, the income per capita growth tends to grow in reverse correlation of income initial level. In fact, however, there is obviously an outspoken lack of convergence in standards of living between developed and less developed countries. The new (endogenous) growth theories offer possible explanations for the observed lack of convergence between rich and poor countries. An empirical study is presented, reviewing 42 countries in the world (including 30 developed and 12 less developed countries) over the period 1900-2005 as well as by divided sub-periods. Special attention is paid to the convergence among EU member states by GDP by per capita in a historical retrospective.Download Info
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Bibliographic Info
Article provided by Bulgarian Academy of Sciences - Economic Research Institute in its journal Economic Thought.
Volume (Year): (2008)
Issue (Month): 6 ()
Pages: 48-66
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Keywords:Other versions of this item:
- Rossitsa Rangelova, 2008. "Convergence in the Neo-classical Model of Economic Growth," Economic Thought journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 7, pages 3-20.
- C2 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables
- E13 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Neoclassical
- F43 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Economic Growth of Open Economies
- O12 - Economic Development, Technological Change, and Growth - - Economic Development - - - Microeconomic Analyses of Economic Development
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