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The Convergence Hypothesis of Economic Growth Displayed in Advanced Economies pp. 159-172 $100.00
Authors:  (Sahar Bahmani, University of Wisconsin-Parkside, Kenosha, Wisconsin, USA)
Abstract:
Positive economic growth is a major goal for all countries and long-run economic growth is an important focus, rather than observing what is happening in the short-run because ups and downs in business cycles and other short-run fluctuations in economic growth are
unable to give an accurate picture of the overall performance of an economy and may lead to biased observations. When countries experience growth at small rates, though this may not be regarded as a significant improvement, it is essential to understand that it is
thanks to these small changes that accumulate over time to eventually having a very large impact on an economy’s performance, helping them to become more and more developed. No matter how small the changes, each improvement should be regarded as helping any economy in the right direction. Investment, economic resources of capital, land and labor and technological progress are argued to be vital essentials when it comes to the economic growth of a country because they are highly needed, which will be discussed extensively in this chapter. We will also look at five positive advantages that come along with economic growth for a country. First, income inequality, the gap
between the rich and poor, decreases, secondly, economic growth has helped to significantly decrease the amount of global poverty that persists, third, economic growth is linked to the improvement in the quality of life of the citizens in an economy, fourth, economic growth leads to further specialization and exchange, and finally, economic growth improves the global position of a country. We will look at how the four Asian tigers and five new Euro countries, the nine countries to be analyzed with their respective data in this chapter, have moved from being considered developing economies to now
being included in the category of advanced economies, which is regarded as the ultimate goal being achieved for any country that started off as a less developed economy. These countries once suffered from very little economic activity and industrialization, high population growth was a major obstacle to hurdle over, and low levels of standard of living, but went on to becoming proof of the convergence hypothesis, which states that the GDP growth rates of less developed countries will rise faster than richer countries, tightening the gap between the two categories of countries due to the catching-up process, leading to their convergence. 


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The Convergence Hypothesis of Economic Growth Displayed in Advanced Economies pp. 159-172