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About Introduction and Growth Facts
1) Countries with low GDP per capita can only catch up to richer countries like the US through sustained high growth rates over long periods of time. Small differences in growth rates compound dramatically over decades. 2) There is large variation in income levels and growth rates across countries. While income differences persist overall, conditional convergence exists - countries with similar characteristics and lower initial incomes tend to grow faster than richer peers. 3) Stylized facts that guide economic growth theory include balanced long-run growth, education and technology as growth drivers, government policy impacts, an inverted-U curve for democracy and inequality, and openness generally boosting growth.
Detailed Information
| Author: | ['Sehrish Kayani'] |
|---|---|
| Publication Year: | 2011 |
| Pages: | 14 |
| Language: | English |
| Format: | |
| Price: | FREE |
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