An Empirical Analysis of Convergence Hypothesis

Author:

Ahmad Eatzaz,Naz Amber

Abstract

A useful contribution of wide ranging debate in the growth literature is that it has put forward a number of testable hypotheses. One of such hypotheses is known as the convergence hypothesis whereby it is postulated that in the long run developing countries would catch-up with the developed countries in terms of per capita income. Although the convergence hypothesis has gained researchers’ interest in recent times, the basic proposition was laid down in the neo-classical growth model of Solow (1956) and Swan (1956). Traditionally Solow-Swan model has been regarded as a theoretically consistent answer to Harrods’s (1939) twin problems of discrepancy between the warranted and natural rates of growth and instability in the growth process. Although Solow- Swan model is designed to study growth process within a single country, the concept of conditional convergence is far from being alien to the model; it in fact forms the core of argument in the attack on Harrod-Domar model [Harrod (1939) and Domar (1946)].

Publisher

Pakistan Institute of Development Economics (PIDE)

Subject

Development,Geography, Planning and Development

Cited by 3 articles. 订阅此论文施引文献 订阅此论文施引文献,注册后可以免费订阅5篇论文的施引文献,订阅后可以查看论文全部施引文献

1. Convergence Triggers in Africa: Evidence from Convergence Clubs and Panel Models;South African Journal of Economics;2021-03-10

2. Tests of Income Convergence in ASEAN and SAARC Trading Blocs;South Asia Economic Journal;2019-07-30

3. Development Disparities: An Exploration of Past Research;India Studies in Business and Economics;2015

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