Convergence? Inferences from Theoretical Models

Oded Galor

Economic Journal, 1996, vol. 106, issue 437, 1056-69

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 models, along with capital markets imperfections, externalities, and nonconvexities, strengthens the viability of club convergence as a competing hypothesis with conditional convergence. Copyright 1996 by Royal Economic Society.

Date: 1996
References: Add references at CitEc
Citations: View citations in EconPapers (468)

Downloads: (external link)
http://links.jstor.org/sici?sici=0013-0133%2819960 ... 0.CO%3B2-7&origin=bc full text (application/pdf)
Access to full text is restricted to JSTOR subscribers. See http://www.jstor.org for details.

Related works:
Working Paper: Convergence?: Inferences from Theoretical Models (1996)
Working Paper: Convergence? Inferences from Theoretical Models (1996)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:ecj:econjl:v:106:y:1996:i:437:p:1056-69

Ordering information: This journal article can be ordered from
http://www.blackwell ... al.asp?ref=0013-0133

Access Statistics for this article

Economic Journal is currently edited by Martin Cripps, Steve Machin, Woulter den Haan, Andrea Galeotti, Rachel Griffith and Frederic Vermeulen

More articles in Economic Journal from Royal Economic Society Contact information at EDIRC.
Bibliographic data for series maintained by Wiley-Blackwell Digital Licensing () and Christopher F. Baum ().