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R&D, Implementation and Stagnation: A Schumpeterian Theory of Convergence Clubs
January 01, 2002
The authors construct a Schumpeterian growth theory consistent with the divergence in per-capita income that has occurred between countries since the mid 19th Century, and with the convergence that occurred between the richest countries during the second half of the 20th Century.
InternationalAvailable for purchase at: http://www.nber.org/papers/w9104.pdf