This paper lists theoretical reasons why neoclassical models of one-sector growth imply that
nations with identical economic structures need not converge to the same steady state or …

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 …

FIGURE 1. RECURSION DIAGRAM FOR EQUATION (2) everyone eventually becomes poor
and stays there (solid line). Alternatively, there are two stable steady states, one at zero and …

Standard one-sector growth models often have the counterfactual implication that
economies with access to similar technologies will converge to a common balanced growth …

A neoclassical growth model provides an explanation for a 'poverty trap','club convergence',
or 'twin peaks', in terms of specialisation and international trade. The model has many …

This paper studies the existence of middle-income growth traps in a two-period overlapping
generations model of economic growth with two types of labor and endogenous …

A poverty trap is a self-perpetuating condition whereby an economy, caught in a vicious
circle, suffers from persistent underdevelopment. Although it is often modelled as a low-level …

Many of the crucial debates in development economics are encapsulated in the question of
economic convergence. Is there a tendency for the poorer countries to grow more rapidly …

We document regularities in the distribution of relative incomes and patterns of investment in
countries and over time. We develop a quantitative version of the neoclassical growth model …

Despite the predictions of the neoclassical theory of economic growth, we observe that poor
countries have invested at lower rates and have not grown faster than rich countries. To …