Galton's Fallacy and Economic Convergence

Edmund Cannon and Nigel W Duck

Oxford Economic Papers, 2000, vol. 52, issue 2, 415-19

Abstract: Friedman (1992) argues that regressing cross-country income changes on their final levels can be informative about sigma-convergence (the tendency for the dispersion of income levels to narrow) whereas a similar regression on initial levels of income cannot be. In this note we show that Bliss's (1999) dismissal of this argument is in error. Copyright 2000 by Oxford University Press.

Date: 2000
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