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Using the Solow framework, explain the economic forces behind the convergence of output per person. Then, use the Penn World Table Version 10 (PWT 10.0)
Using the Solow framework, explain the economic forces behind the convergence of output per person. Then, use the Penn World Table Version 10 (PWT 10.0) to ex- amine if convergence holds in the data (see instructions below). Does convergence of output per person hold for countries in the Organisation for Economic Co-operation and Development (OECD)? What about Asian countries and African countries? What might be the reasons why a particular group of countries fails to converge in output per person? [8 marks]
data work is done below.
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