Twin peaks: growth and convergence in models of distribution dynamics

Danny Quah

LSE Research Online Documents on Economics from London School of Economics and Political Science, LSE Library

Abstract: Convergence concerns poor economies catching up with rich ones. At is- sue is what happens to the cross sectional distribution of economies, not whether a single economy tends towards its own steady state. It is the latter, however, that has preoccupied the traditional approach to con- vergence analysis. This paper describes an alternative body of research that overcomes this shortcoming in the traditional approach. The new findings on persistence and stratification; on the formation of conver- gence clubs; and on the distribution polarizing into twin peaks of rich and poor|suggest the relevance of a class of theoretical ideas, dierent from those surrounding the production-function accounting traditionally favored.

Keywords: catch up; convergence club; divergence; intra-distribution dynamics; polarization; stratication (search for similar items in EconPapers)
JEL-codes: C23 O40 O41 O57 (search for similar items in EconPapers)
Pages: 24 pages
Date: 1996-02
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (584)

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