Macroeconomics › Section G · Economic growth › Topic G.4
Economic convergence
If poorer countries grow faster than rich ones, income gaps narrow over time. Economists disagree about how likely that is, and even optimists agree that catching up takes generations.
In this topic
- Will the poor catch up?
- Two kinds of convergence
- Argument for: diminishing returns
- Worked example: diminishing returns
- Argument for: borrowing technology
- Argument against: technology keeps rich countries growing
- Argument against: copying is not automatic
- What the recent evidence shows
- Worked example: how slow catching up is
- Common mistakes to avoid
- Key takeaways
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