Macroeconomics Study Set 48
Quiz 9: Long-Run Economic Growth
According to the Convergence Hypothesis, the Poorest Countries Have the Fastest
According to the convergence hypothesis, the poorest countries have the fastest growth rate of real GDP per capita.
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Because the gap in real GDP per capita between Western Europe, North America, and parts of Asia is widening, the convergence hypothesis is wrong.
According to conditional convergence, the real GDP per capita of poor nations will never catch up to that of wealthy nations because of the condition of the military in poor nations.
Conditional convergence suggests that if adjustments were made for differences in education, infrastructure, and other factors that contribute to growth, poorer countries would have higher growth rates.
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