Reconsidering the Baumol results. J. Bradford DeLong (1988), in a comment on Baumols convergence result for the
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Reconsidering the Baumol results. J. Bradford DeLong (1988), in a comment on Baumol’s convergence result for the industrialized countries over the last century, pointed out that the result could be driven by the procedure through which the countries were selected. In particular, DeLong noted two things. First, only countries that were rich at the end of the sample (i.e., in the 1980s) were included. Second, several countries not included, such as Argentina, were richer than Japan in 1870. Use these points to criticize and discuss the Baumol results. Do these criticisms apply to the results for the OECD? For the world?
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Introduction To Economic Growth
ISBN: 9780393919172
3rd Edition
Authors: Charles I. Jones, Dietrich Vollrath
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