Convergence? Inferences from Theoretical Models
This essay suggests that the convergence controversy may reflect, in part, differences in perception regarding the viable set of competing testable hypotheses generated by existing growth theories. It argues that, in contrast to the prevailing wisdom, the traditional neoclassical growth paradigm generates the club convergence hypothesis as well as the conditional convergence hypothesis. Furthermore, the inclusion of empirically significant variables such as human capital, income distribution, and fertility in conventional growth models, along with capital markets imperfections, externalities, and nonconvexities, strengthens the viability of club convergence as a competing hypothesis with conditional convergence. Copyright 1996 by Royal Economic Society.
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Volume (Year): 106 (1996)
Issue (Month): 437 (July)
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