Why do many economists expect income convergence between developed and developing countries, and what factors would you look to for an explanation of why this has occurred for only a limited number of countries and in such a limited degree so far? Give evidence that support for/against this?

Why do many economists expect income convergence between developed and developing countries, and what factors would you look to for an explanation of why this has occurred for only a limited number of countries and in such a limited degree so far? Give evidence that support for/against this?

Macroeconomics: Private and Public Choice (MindTap Course List)

16th Edition

ISBN:9781305506756

Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Chapter17: Institutions, Policies, And Cross-country Differences In Income And Growth

Section: Chapter Questions

Problem 8CQ

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Why do many economists expect income convergence between developed and developing countries, and what factors would you look to for an explanation of why this has occurred for only a limited number of countries and in such a limited degree so far?
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