Convergence in growth rates and income per capita across the different countries is a necessary outcome expected by both the neoclassical Solow growth model and the endogenous growth theory.
“Convergence in growth rates and income per capita across the different countries is a necessary outcome expected by both the neoclassical Solow growth model and the endogenous growth theory. “Is this statement true? (Discuss the issue by giving references to the fundamental premises of these two theories). Looking at the real-life data, has the convergence hypothesis been validated in the world? Explain.
