Economic Convergence and Economic Policies

Abstract

Many of the crucial debates in development economics are encapsulated in the question of economic convergence. Is there a tendency for the poorer countries to grow more rapidly than the richer countries, and thereby to converge in living standards? Or instead, are there tendencies for the "rich to get richer, and the poor to get poorer," so that the gap between rich and poor nations tends to widen over time?

Keywords: economic convergence, economic policy