Multiple Growth Regimes ? Insights from Unified Growth Theory

Oded Galor

No 6427, CEPR Discussion Papers from Centre for Economic Policy Research

Abstract: Unified Growth Theory uncovers the forces that contributed to the existence of multiple growth regimes and the emergence of convergence clubs. It suggests that differential timing of take-offs from stagnation to growth segmented economies into three fundamental regimes: slow growing economies in a Malthusian regime, fast growing countries in a sustained growth regime, and economies in the transition between these regimes. In contrast to existing research that links regime switching thresholds to critical levels of income or human capital, UGT associates them with critical changes in the rates of technological progress, population growth, and human capital formation.

Keywords: Convergence clubs; Malthusian epoch; Sustained growth; Unified growth theory (search for similar items in EconPapers)
JEL-codes: O40 (search for similar items in EconPapers)
Date: 2007-08
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Citations: View citations in EconPapers (33)

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Journal Article: Multiple growth regimes - Insights from unified growth theory (2007)
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