Twin Peaks: Growth and Convergence in Models of Distribution Dynamics
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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Volume (Year): 106 (1996)
Issue (Month): 437 (July)
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- Oded Galor & Joseph Zeira, 2013.
"Income Distribution and Macroeconomics,"
2013-12, Brown University, Department of Economics.
- 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.
- Charles F. Manski, 1993. "Identification of Endogenous Social Effects: The Reflection Problem," Review of Economic Studies, Oxford University Press, vol. 60(3), pages 531-542.
- Tamura, Robert, 1992.
"Efficient equilibrium convergence: Heterogeneity and growth,"
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Elsevier, vol. 58(2), pages 355-376, December.
- Tamura, R., 1991. "Efficient Equilibrium Convergence : Heterogeneity and Growth," Working Papers 91-16, University of Iowa, Department of Economics.
- Loury, Glenn C, 1981. "Intergenerational Transfers and the Distribution of Earnings," Econometrica, Econometric Society, vol. 49(4), pages 843-67, June.
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