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Abstract
En 中文
Historical data are unnecessary to demonstrate that perhaps the basic fact of modern economic history is massive absolute divergence in per capita income across countries. A plausible lower bound on per capita income can be combined with estimates of its current level in the poorer countries to place an upper bound on long-run income growth. Between 1870 and 1990, the ratio of richest to poorest countries' income increased from roughly 9 to 1 to 45 to 1, the standard deviation of (natural log) per capita income doubled, and the average income gap between the richest and all other countries grew nearly tenfold from $ 1,286 to $ 12,000.
Keywords:
ECONOMIC-GROWTH
CONVERGENCE
COUNTRIES
POLICY
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Journal
J
IF:
8.8
Papers:
1.8K
Citations:
2.0W
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