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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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Galor, Oded & Zeira, Joseph, 1988.
"Income Distribution and Macroeconomics,"
51644, University Library of Munich, Germany, revised 01 Sep 1989.
- Tamura, Robert, 1992.
"Efficient equilibrium convergence: Heterogeneity and growth,"
Journal of Economic Theory,
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.
- 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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