bn:00492737n
Noun Concept
Categories: Economics effects, International development
EN
convergence  catch-up Effect  catch-up  convergence hypothesis  convergence in economics
EN
The idea of convergence in economics is the hypothesis that poorer economies' per capita incomes will tend to grow at faster rates than richer economies, and in the Solow-Swan growth model, economic growth is driven by the accumulation of physical capital until this optimum level of capital per worker, which is the "steady state" is reached, where output, consumption and capital are constant. Wikipedia
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economics
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EN
The idea of convergence in economics is the hypothesis that poorer economies' per capita incomes will tend to grow at faster rates than richer economies, and in the Solow-Swan growth model, economic growth is driven by the accumulation of physical capital until this optimum level of capital per worker, which is the "steady state" is reached, where output, consumption and capital are constant. Wikipedia
A possible phenomenon also known as the Catch-up effect Wikipedia Disambiguation
The hypothesis that poorer economies' per capita incomes tend to grow faster than richer economies. Wiktionary