A study of convergence in the world economy

This paper considers the convergence in the world economy during 1960–1997, against the background of the convergence phenomenon affirmed by Baumol. Convergence refers to the idea that countries with initially low real per capita incomes tend to grow faster than wealthier countries, and that their per capita income levels and growth rates will eventually reach a common end-state. This empirically observed catching-up process by the developing countries is assisted by the international diffusion of knowledge and technology.