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Twin Peaks: Growth and Convergence in Models of Distribution Dynamics

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  • Quah, Danny

Abstract

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.

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Date of creation: Feb 1996
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Handle: RePEc:cpr:ceprdp:1355

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Keywords: Catch-up; Convergence Club; Divergence; Intra-distribution Dynamics; Polarization; Stratification;

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  1. Loury, Glenn C, 1981. "Intergenerational Transfers and the Distribution of Earnings," Econometrica, Econometric Society, vol. 49(4), pages 843-67, June.
  2. Tamura, Robert, 1992. "Efficient equilibrium convergence: Heterogeneity and growth," Journal of Economic Theory, Elsevier, vol. 58(2), pages 355-376, December.
  3. A. Desdoigts, 1995. "Changes in the World Income Distribution: a Non-Parametric Approach to Challenge the Neo-Classical Convergence Argument," SFB 373 Discussion Papers 1995,15, Humboldt University of Berlin, Interdisciplinary Research Project 373: Quantification and Simulation of Economic Processes.
  4. Oded Galor & Joseph Zeira, 2013. "Income Distribution and Macroeconomics," Working Papers 2013-12, Brown University, Department of Economics.
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