Converging to Convergence
Abstract
Neoclassical theory predicts convergence towards steady-state income, determined by policies, institutions, and culture. Empirical tests of convergence in the 1990s found that conditioning on institutions mattered: unconditionally, the norm was divergence, if anything. We revisit these tests with 20 years of ...
https://iems.ust.hk/events/academic-seminar/2021/kremer-converging-to-convergence-distinguished-speakers-economics-nobel-laureates