Galton's Fallacy and Economic Convergence
Friedman (1992) argues that regressing cross-country income changes on their final levels can be informative about sigma-convergence (the tendency for the dispersion of income levels to narrow) whereas a similar regression on initial levels of income cannot be. In this note we show that Bliss's (1999) dismissal of this argument is in error. Copyright 2000 by Oxford University Press.
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Volume (Year): 52 (2000)
Issue (Month): 2 (April)
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