Multiple Growth Regimes Insights from Unified Growth Theory
Brown University - Department of Economics; Centre for Economic Policy Research (CEPR); Massachusetts Institute of Technology (MIT) - School of Humanities, Arts, and Social Sciences, Department of Economics
CEPR Discussion Paper No. DP6427
Unified Growth Theory uncovers the forces that contributed to the existence of multiple growth regimes and the emergence of convergence clubs. It suggests that differential timing of take-offs from stagnation to growth segmented economies into three fundamental regimes: slow growing economies in a Malthusian regime, fast growing countries in a sustained growth regime, and economies in the transition between these regimes. In contrast to existing research that links regime switching thresholds to critical levels of income or human capital, UGT associates them with critical changes in the rates of technological progress, population growth, and human capital formation.
Number of Pages in PDF File: 8
Keywords: convergence clubs, Malthusian epoch, sustained growth, unified growth theory
JEL Classification: O40working papers series
Date posted: May 30, 2008
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