Unified Growth Theory uncovers the forces that contributed to the existence of multiple growth regimes and the emergence of convergence clubs. It suggests that differential timing of take-offs from stagnation to growth segmented economies into three fundamental regimes: slow growing economies in a Malthusian regime, fast growing countries in a sustained growth regime, and economies in the transition between these regimes. In contrast to existing research that links regime switching thresholds to critical levels of income or human capital, UGT associates them with critical changes in the rates of technological progress, population growth, and human capital formation.
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Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number
6427.
Find related papers by JEL classification: O40 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General
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