econ never ceases to amaze me. outlining for my macro midterm this week, i came across the following passage from the ninth edition of Baumol and Blinder's Macroeconomics regarding "convergence theory". and i quote:
Technological laggards can, and sometimes do, close this gap with technological leaders by imitating and adapting existing technologies. Within this "convergence club," productivity growth rates are higher where productivity levels are lower. [and my favorite part!...] Unfortunately, some of the world's poorest nations have been unable to join this club.
My heart both weeps and rejoices at the same time! No one can take my joy away from me!
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