By Anita Ghatak
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Additional resources for Development Macroeconomics: Essays in Memory of Anita Ghatak (Routledge Studies in Development Economics)
A stable adjustment process is assumed such that the per capita capital stock adjusts to the equilibrium level k*. These conclusions can be readily modiﬁed to allow for labour-augmenting technical progress of a ‘manna from heaven’ variety, and to express the results in terms of income per eﬃciency unit of labour. The neoclassical model involved the idea of a common technology (production function) across countries (or at least access to the same technology), and the growth of income could diﬀer in terms of population growth and technology growth, but common technology would imply the latter as equal across countries.
Verspagen, B. and von Tunzelmann, N. (1994) (eds) The Dynamics of Technology, Trade and Growth, Aldershot: E. Elgar. Fingleton, B. (2000) ‘Convergence: international comparisons based on a simultaneous equation model with regional eﬀects’, International Review of Applied Economics, 14 (3): 285–306. Fingleton, B. L. (1998) ‘Increasing returns and economic growth: some evidence for manufacturing from the European Union regions’, Oxford Economic Papers, 50 (1): 89–105. Islam, N. (1995) ‘Growth empirics: a panel data approach’, Quarterly Journal of Economics, 110: 1127–70.
The pattern in which the initially poorest countries are those that subsequently grow fastest, as is required if they are to begin to catch up with the initially wealthier countries. This statistical evidence suggests that the LDCs alone have failed to meet this necessary condition for intragroup convergence – the poorest country in the group approaching closer to the wealthiest’ (pp. 97–8). More importantly, though, they argue that ‘with the exception of the LDCs, real GDP per capita (RGDP) in each of the other country groups approached closer to that of the industrialized economies.