Convergence? Inferences from Theoretical Models

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ID: 302170
1996
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Abstract
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 model, along with capital markets imperfections, externalities, and non-convexities, strengthens the viability of club convergence as a competing hypothesis with conditional convergence.
Reference Key
openalex_W2091104215 Use this key to autocite in the manuscript while using SciMatic Manuscript Manager or Thesis Manager
Authors Oded Galor
Journal the economic journal
Year 1996
DOI
10.2307/2235378
URL
https://doi.org/10.2307/2235378
Keywords Keywords not found

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