convergence clubs. The predictions of the model are broadly consistent with the evolution of world income distribution and …

trade leads to a stable world income distribution. This is because specialization and trade introduce de facto diminishing … perspective time-series behavior of the world economy is similar to that of existing endogenous growth models, with the world … country level, the cross-sectional behavior of the world economy is similar to that of existing exogenous growth models: cross …

-degenerate world income distribution. In accordance with the empirical literature, I find that country characteristics such as the … policies such as subsidies to innovation investments explain a country's position in the eventual world income distribution …