Galton's fallacy and economic convergence |
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| Authors: | Cannon ES; Duck NW |
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| Institution: | z University of Bristol, Bristol, UK
y Department of Economics, University of Bristol, Alfred Marshall Building, 8 Woodland Road, Bristol, BS8 1TN, UK |
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| Abstract: | Friedman (1992) argues that regressing cross-country incomechanges on their final levels can be informative about  -convergence(the tendency for the dispersion of income levels to narrow)whereas a similar regression on initial levels of income cannotbe. In this note we show that Bliss's (1999) dismissal of thisargument is in error. |
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