The New Palgrave Dictionary of Economics

2018 Edition
| Editors: Macmillan Publishers Ltd

Convergence

  • Steven N. Durlauf
  • Paul A. Johnson
Reference work entry
DOI: https://doi.org/10.1057/978-1-349-95189-5_2376

Abstract

One of the most widely studied empirical questions in the new growth economics concerns the role of initial conditions in affecting long-run outcomes. The statistical formulation of this dependence is known as convergence. This article surveys empirical work on convergence, with emphasis on the relationships between conventional definitions of convergence, the main statistical frameworks of evaluating convergence, and various economic models.

Keywords

Cass–Koopmans growth model Cobb–Douglas functions Cointegration Convergence Endogenous growth Galton’s fallacy Growth nonlinearities Identification Income distribution Literacy rates Neoclassical growth theory Production functions Solow growth model Statistics and economics Technical change Time series analysis Regression tree 
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Copyright information

© Macmillan Publishers Ltd. 2018

Authors and Affiliations

  • Steven N. Durlauf
    • 1
  • Paul A. Johnson
    • 1
  1. 1.