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Twin Peaks: Growth and Convergence in Models of Distribution Dynamics

  • Quah, Danny T

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 a 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 the production-function accounting traditionally favored. Copyright 1996 by Royal Economic Society.

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Article provided by Royal Economic Society in its journal The Economic Journal.

Volume (Year): 106 (1996)
Issue (Month): 437 (July)
Pages: 1045-55

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Handle: RePEc:ecj:econjl:v:106:y:1996:i:437:p:1045-55
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  1. Tamura, Robert, 1992. "Efficient equilibrium convergence: Heterogeneity and growth," Journal of Economic Theory, Elsevier, vol. 58(2), pages 355-376, December.
  2. Oded Galor & Joseph Zeira, 2013. "Income Distribution and Macroeconomics," Working Papers 2013-12, Brown University, Department of Economics.
  3. Loury, Glenn C, 1981. "Intergenerational Transfers and the Distribution of Earnings," Econometrica, Econometric Society, vol. 49(4), pages 843-67, June.
  4. 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.
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