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The Neo-Classical Model of Growth and Regional Convergence

In: Convergence After Divergence? Regional Growth in Europe

Author

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  • Gabriele Tondl

    (Wirtschaftsuniversität)

Abstract

Given a considerable degree of income disparities between the regions of the European Union, the question whether on the grounds of economic theory those disparities can be expected to diminish is of the greatest interest for European citizens and policy-makers. The automatic reduction of income disparities, in other words the convergence of regional incomes, is postulated by the neo-classical model of growth. The idea of a transitional growth path to a steady state income, on which growth rates decline, is the fundamental theoretical ingredient of convergence analyses. The first part of this section will therefore discuss the central features of the neo-classical model of growth.

Suggested Citation

  • Gabriele Tondl, 2001. "The Neo-Classical Model of Growth and Regional Convergence," Springer Books, in: Convergence After Divergence? Regional Growth in Europe, chapter 2, pages 34-85, Springer.
    • Handle: RePEc:spr:sprchp:978-3-7091-6219-4_2
    DOI: 10.1007/978-3-7091-6219-4_2
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