Only income diverges: A neoclassical anomaly

• 成果类型: Article; Proceedings Paper
• 署名作者: Grier, Kevin; Grier, Robin
• 署名单位: University of Oklahoma System; University of Oklahoma - Norman
• 刊物名称: JOURNAL OF DEVELOPMENT ECONOMICS
• ISSN/ISSBN: 0304-3878
• DOI: 10.1016/j.jdeveco.2006.12.004
• 发表日期: 2007
• 页码: 25-45
• 关键词: economic growth; CONVERGENCE

摘要

The neoclassical growth model (NGM) is only consistent with. the absolute divergence in output levels we observe if some determinants of steady state income are also diverging. In this paper we show that accumulation rates of physical and human capital are actually significantly converging, as are openness to trade and several variables measuring institutional quality. Output divergence in the face of input, policy and institutional convergence is a deep anomaly for the NGM. (C) 2007 Elsevier B.V. All rights reserved.