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convergence

Steven N. Durlauf and Paul A. Johnson
From The New Palgrave Dictionary of Economics, Second Edition, 2008
Edited by Steven N. Durlauf and Lawrence E. Blume
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Abstract

One of the most widely studied empirical questions in the new growth economics concerns the role of initial conditions in affecting long-run outcomes. The statistical formulation of this dependence is known as convergence. This article surveys empirical work on convergence, with emphasis on the relationships between conventional definitions of convergence, the main statistical frameworks of evaluating convergence, and various economic models.
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Keywords

Cass–Koopmans growth model; Cobb–Douglas functions; cointegration; convergence; endogenous growth; Galton's fallacy; growth nonlinearities; identification; income distribution; literacy rates; neoclassical growth theory; production functions; Solow growth model; statistics and economics; technical change; time series analysis; regression tree
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How to cite this article

Durlauf, Steven N. and Paul A. Johnson. "convergence." The New Palgrave Dictionary of Economics. Second Edition. Eds. Steven N. Durlauf and Lawrence E. Blume. Palgrave Macmillan, 2008. The New Palgrave Dictionary of Economics Online. Palgrave Macmillan. 20 May 2013 <http://www.dictionaryofeconomics.com/article?id=pde2008_C000534> doi:10.1057/9780230226203.0313

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