New study reveals global economic growth patterns, challenges traditional models.
The article examines world economic growth patterns using data from the Penn World Table database. By analyzing different regression models, the researchers distinguish between time-series and cross-section convergence. They find that there is a lack of convergence in samples of countries from around the world, including the OECD and Sub-Saharan Africa. This suggests that not all countries are catching up economically, which has implications for the neoclassical growth model.