Convergence concerns poor economies catching up with rich ones. At issue is what happens to the cross-sectional distribution of economies, not whether a single economy tends towards its own steady state. It is the latter, however, that has preoccupied the traditional approach to convergence analysis. This paper describes an alternative body of research that overcomes this shortcoming in the traditional approach. The new findings - on persistence and stratification; on the formation of convergence clubs; and on the distribution polarizing into twin peaks of rich and poor - suggest the relevance of a class of theoretical ideas different from those surrounding the production-function accounting traditionally favoured.
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Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number
1355.
Find related papers by JEL classification: C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data O40 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General O41 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models O57 - Economic Development, Technological Change, and Growth - - Economywide Country Studies - - - Comparative Studies of Countries
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