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Question: Distinguish between "conditional convergence" and "unconditional convergence" of per capita income. On what does "conditional" convergence of income depend in the neoclassical model, i.e., what are the conditions that must hold for incomes to converge? Does either the Solow-type growth model or the endogenous growth model predict unconditional convergence of incomes amongst nations? What would unconditional convergence of incomes imply for incomes of countries in the future?

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Microeconomics, Economics

Category:- Microeconomics
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