Principles of Macroeconomics / Unit 4 MAC 0320 short lesson, about 20 seconds
Convergence
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The idea
Convergence is the idea that poorer economies grow faster than richer ones, so incomes move together over time.
In practice
Some economies have converged sharply; others have not moved toward the leaders at all.
Where people slip
A claim about total growth is not a claim about convergence, since a large country can grow fast in total and slowly per person.
Your place on the trail
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