Income Convergence Within an Economic Union : The Role of Factor Mobility and Coordination
In the context of a human capital based growth model, we show the essential role of labor mobility in equalizing income levels for countries that start off from different initial income positions. Human capital externalities cum labor mobility are the driving forces behind the income level equalization process. In a non-cooperative equilibrium, labor mobility will be limited and income level equality will not be achieved.
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|Date of creation:||1997|
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