Abstract

VILLALOBOS CESPEDES, Daniel. Economic growth: convergence and divergence. Economía y Sociedad [online]. 2019, vol.24, n.55, pp.23-47. ISSN 2215-3403.  http://dx.doi.org/10.15359/eys.24-55.3.

Piketty’s fundamental laws of capitalism in his book “Capital in the Twenty- First Century” (2014) are analyzed to explore the explanatory power of the inequality between average annual rate of return on capital and the rate of growth of production, as a fundamental force for divergence. The author’s r > g crucial assumption and his conclusions are questioned. The convergence-divergence phenomenon is rather believed to be an innate phenomenon of the production and distribution processes. This analysis suggests that the core of inequality may not reside in the elasticity-ofresource- composition, influenced by technological advance. Furthermore, this research will try to contribute to a better understanding of the forces influenced by economic growth and income distribution, which could provide a major contribution to the economic sciences.

Keywords : Piketty; laws of capitalism; return; wage.

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