Glimpsing the End of Economic History? Unconditional Convergence and the Missing Middle Income Trap - Working Paper 438

Sutirtha Roy

No 438, Working Papers from Center for Global Development

Abstract: This paper suggests a reinterpretation of global growth—encompassing notions of unconditional convergence and the middle income trap—in the past 50 years through the lens of growth theory. We innovate by studying two modes of convergence: a classic “Solow” model where poorer countries catch up by growing faster on average; and a new “Wilde” model where catch-up growth is interpreted as growing faster than the frontier country, the United States. We apply these modes to both countries and people as units of analysis. We find that convergence has occurred faster and began earlier than widely believed.

Keywords: economic growth; convergence; middle income trap (search for similar items in EconPapers)
JEL-codes: O10 O15 O47 (search for similar items in EconPapers)
Pages: 52 pages
Date: 2016-10
New Economics Papers: this item is included in nep-gro, nep-his and nep-hpe
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Citations: View citations in EconPapers (12)

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Persistent link: https://EconPapers.repec.org/RePEc:cgd:wpaper:438

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