Question
1) Explain the convergence hypothesis and give four reasons why convergence has not taken place for many poor countries. 2) One of the predictions of
1) Explain the convergence hypothesis and give four reasons why convergence has not taken place for many poor countries.
2) One of the predictions of the Classical growth model is that the long-run growth in per capita output disappears due to diminishing marginal productivity of labor and capital. Real world experiences suggest otherwise. Explain why.
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Contemporary Labor Economics
Authors: Campbell R. McConnell, Stanley L. Brue, David Macpherson
11th Edition
1259290602, 1259290603, 978-1259290602
