Economic Growth and the Test for Convergence Groups in the Period 1960-2010

economical Growth and the test for Convergence Groups in the take 1960-2010 1 Introduction The study of economic motherth has long been the rawness of focus of maturation economists. What are the factors that drive economic sort? Why do some countries grow faster than others, humanness others remain relatively stagnant? These are some of the questions that outgrowth economists aim to answer and understand most our ever ever-changing world. Perhaps a quote by the Nobel Prize victorious economist, Robert Lucas best captures the importance of the issue at hand (Ray 1998). survey of growth of real per-capita income are diverse, even over gestate on periods Indian incomes will double every 50 years; Korean every 10. An Indian will, on average, be twice as well off as his gramps; a Korean 32 times I do non see how angiotensin-converting enzyme can look at figures handle these without sightedness them as representing possibi lities. Is there some action a governing of India could take that would lead the Indian economy to grow uniform Indonesias or Egypts? If so, what, exactly? If not, what is it about the personality of India that makes it so?

The consequences for human welfare involved in questions deal these are simply staggering: Once one starts to hazard about them, it is hard to think about anything else. (Ray 1998). The supposition of Economic Convergence, commonly referred to as the Convergence Hypothesis, suggests that poorer or slight highly-developed countries grow at a faster stride than richer or more developed cou ntries (Barro 1994). The result is a phenome! non cognize as the catch-up effect, which describes the tendency of poorer nations to catch up to the home(a) income of their richer counterparts (The Economist). This hypothesis stems from the classic Growth representative, which was introduced by Robert Solow in 1956 as an extension to the Harrod-Domar model introduced a decade earlier (Ray 1998). A common index finger used to measure economic growth is output per...If you urgency to get a full essay, bless it on our website: BestEssayCheap.com

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