The transition from stagnation to growth and the associated phenomenon of the great
divergence have been the subject of an intensive research in the growth literature in recent …

This survey reviews models of self-reinforcing mechanisms that cause poverty to persist.
Some of them examine market failure in environments where the neoclassical assumptions …

There are two broad views as to why people stay poor. One emphasizes differences in
fundamentals, such as ability, talent, or motivation. The poverty traps view emphasizes …

There are fewer people living in extreme poverty in the world today than 30 years ago. While
that is an achievement, continuing progress for poor people is far from assured. Inequalities …

We examine the record of cross-country growth over the past fifty years and ask if
developing countries have made progress on closing the income gap between their per …

We provide a Keynesian growth theory in which pessimistic expectations can lead to very
persistent, or even permanent, slumps characterized by high unemployment and weak …

Why does trust vary so substantially across countries? This paper presents a general
equilibrium growth model in which heterogeneous agents transact and face a moral hazard …

This paper investigates per capita real income convergence in the European Union (EU)
within a non-linear latent factor framework. We establish a set of novel stylized facts on …

Average living standards are converging among developing countries and faster growing
economies see more progress against poverty. Yet we do not find poverty convergence; …

Using a normalized CES function with factor-augmenting technical progress, we estimate a
supply-side system of the US economy from 1953 to 1998. Avoiding potential estimation …