Convergence of productivity

the long version

This is a comprehensive study of the current state of knowledge of the convergence hypothesis. The hypothesis asserts that at least since the Second World War, and perhaps for a considerable period before that, the group of industrial countries was growing increasingly homogeneous in terms of levels of productivity, technology and per capita incomes. In addition, there was general catch up toward the leader country, the United States, throughout most of the pertinent period. Convergence of Productivity examines patterns displayed by individual industries within countries as well as the aggregate economies, various influences that underlie the process of convergence, and the role that convergence has played and promises to play in the future of the newly industrialized nations and the less developed countries. Much of the analysis is set in a historical perspective, with particular attention paid to the record following World War II. The editors conclude that increasing productivity is the key to raising living standards in a globalized marketplace. Comprising the work of some of the most distinguished scholars in the field, Convergence of Productivity constitutes a major contribution to the convergence debate and should be read by all economists, as well as economic historians, government policy makers, and scholars of public administration.