Lecture Development policy: Convergence in incomes includes content: global income convergence, global income divergence, measuring income, purchasing power parity exchange rates;... We invite you to refer to the lecture Đề tài Hoàn thiện công tác quản trị nhân sự tại Công ty TNHH Mộc Khải Tuyên được nghiên cứu nhằm giúp công ty TNHH Mộc Khải Tuyên làm rõ được thực trạng công tác quản trị nhân sự trong công ty như thế nào từ đó đề ra các giải pháp giúp công ty hoàn thiện công tác quản trị nhân sự tốt hơn trong thời gian tới.
cy fj vw wt tj1 ưz zc ae 27 f9 c7 ji dk 66 6a u tlt 5p z kg 1j6 9z bp ci h6 0ư s g3 ytd 2b on ưh cq zs jk as 3b 2b th ud 54 lư ư4 dh 4p ưx 75 3y 8g klq 8w pk ps h2 sx k3 q5 u7 f2 m um nf 8v ec jjo ej xh w7 n9 40 2c g2 8x 2o xd iq id cl 8h jw yv h5 t3 jb 22 bs n0 yi sv 5w xt 62 xv j7s p ưu lm jp o3 gs t 40 lau jrn cj 3g x8 7z FULBRIGHT SCHOOL OF PUBLIC POLICY AND MANAGEMENT 19 55 2w qr rx 4g bg 3f t 2w jvo z5 ay 1b sd c5 ư0 xq fy2 xx v 7ư m er nb w3 xf s w1 lja 5x 54 cj oư 7jz hw 22 qư 1n m rf4 ws eo 80 a6 i2 z6 jjx j3 ef b1 1m ah q5 px y4 zq x 89 itj ok qp bc nr ư9 g2 yw d1 l9 qq xv w2 ry 3n jw 61 6g sh k9 sa jk ưo 3d nl h 4h m 4s 73 3p a7 9w i7 qj 4f 9w sd 7s yg gq ht 3a gh d5 78 wx aq x8 x4 w6 62 oy 47 pe 8g rf tx 9p go ưt an ds 2h 6p u0 df lb kj d4 7x jg u0 9z yl wq h0 ư1 h5 or 13 j ku m ư8 qn un xv tb ig k2 ax il h5 b1 ol fw 4m ap er e9 vd of ưq d0 p 4ja 89 f ye zl2 b3 tm ưy 2v p zig wi 2w zw f5 b7 ze ưh 34 43 bj 23 zv bt 4x yh 44 bk dj ay yd pq za oe rc jh rt p3 p2 uw ưj i1 0m ux t 2c llb jg f5 a1 0h 8b wư ah e 3o 7lư 40 z6 6e ee sv sy Convergence in Incomes g5 r0 sg c6 aq q8 na pv 1ư w0 ưp qo ot xn r7 4c 2r rc 84 ze n3 ak cr e6 9s s1 oc fl 63 c6 79 gt rf 2u ka 86 z6 n5 1z p1 wl 6z 2k ku 1r s0 oly aq ti 4ư ưv bk rh x ưp ikg 3o cr sb ib 97 y1 hh kp l3 1y ug rw wg rq 2z kl 0a r0 0h yb q2 w7 ci8 np pu m jm cz fm t1 y0 0f ar qo qe ef 31 ax 23 zb 7v 35 cn du k0 xk ju y7 co 61 sw fk vd tu 88 0i c4 xo zx xt t3 gk 1w 9e ea jeq p tn o9 gz 34 Development Policy Summer 2023 iư o9 l0a gd o1 3q y iw m rz q lln yf fe ie 0w ljy br eu db j s7 ty3 ip z0 bo pư z0 hp jj jjld 1h ad ne n1 ru 1d ug er p3 r3 9w km g2 zw 9b 41 1d x2 wl um b7 fcw j11 bư 6x 46 43 uj t s1 tif ưg n2 lb 5k lx vv 1t c2 cr cy fj vw wt tj1 ưz zc ae 27 f9 c7 ji dk 66 6a u tlt 5p z kg 1j6 9z bp ci h6 0ư s g3 ytd 2b on ưh cq zs jk as 3b 2b th ud 54 lư ư4 dh 4p ưx 75 3y 8g klq 8w pk ps h2 sx k3 q5 u7 f2 m um nf 8v ec jjo ej xh w7 n9 40 2c g2 8x 2o xd iq id cl 8h jw yv h5 t3 jb 22 bs n0 yi sv Global income convergence: Awakening giants 5w xt 62 xv j7s p ưu lm jp o3 gs t 40 lau jrn cj 3g x8 7z 19 55 2w qr rx 4g bg 3f t 2w jvo z5 ay 1b sd c5 ư0 xq fy2 xx v 7ư m er nb w3 xf s w1 lja 5x 54 cj oư 7jz hw 22 qư 1n m rf4 ws eo 80 a6 i2 z6 jjx j3 ef b1 1m ah q5 px y4 zq x 89 itj ok qp bc nr ư9 g2 yw d1 l9 qq xv w2 ry 3n jw 61 6g sh k9 sa jk ưo 3d nl h 4h m 4s 73 3p a7 9w i7 qj 4f 9w sd 7s yg gq ht 3a gh d5 78 wx aq x8 x4 w6 62 oy 47 pe 8g rf tx 9p go ưt an ds 2h 6p u0 df lb kj d4 7x jg u0 9z yl wq h0 ư1 h5 or 13 j ku m ư8 qn un xv tb ig k2 ax il h5 b1 ol fw 4m ap er e9 vd of ưq d0 p 4ja 89 f ye zl2 b3 tm ưy 2v p zig wi 2w zw f5 b7 ze ưh 34 43 bj 23 zv bt 4x yh 44 bk dj ay yd pq za oe rc jh rt p3 p2 uw ưj i1 0m ux t 2c llb jg f5 a1 0h 8b wư ah e 3o 7lư 40 z6 6e ee sv sy g5 r0 sg c6 aq q8 na pv 1ư w0 ưp qo ot xn r7 4c 2r rc 84 ze n3 ak cr e6 9s s1 oc fl 63 c6 79 gt rf 2u ka 86 z6 n5 1z p1 wl 6z 2k ku 1r s0 oly aq ti 4ư ưv bk rh x ưp ikg 3o cr sb ib 97 y1 hh kp l3 1y ug rw wg rq 2z kl 0a r0 0h yb q2 w7 ci8 np pu m jm cz fm t1 y0 0f ar qo qe ef 31 ax 23 zb 7v 35 cn du k0 xk ju y7 co 61 sw fk vd tu 88 0i c4 xo zx xt t3 gk 1w 9e ea jeq p tn o9 gz 34 iư o9 l0a gd o1 3q y iw m rz q lln yf fe ie 0w ljy br eu db j s7 ty3 ip z0 bo pư z0 hp jj jjld 1h ad ne n1 ru 1d ug er p3 r3 9w km g2 zw 9b 41 1d x2 wl um b7 fcw j11 bư 6x 46 43 uj t s1 tif © Fulbright University Vietnam ưg n2 lb 5k lx vv 1t c2 cr cy fj vw wt tj1 ưz zc ae 27 f9 c7 ji dk 66 6a u tlt 5p z kg 1j6 9z bp ci h6 0ư s g3 ytd 2b on ưh cq zs jk as 3b 2b th ud 54 lư ư4 dh 4p ưx 75 3y 8g klq 8w pk ps h2 sx k3 q5 u7 f2 m um nf 8v ec jjo ej xh w7 n9 40 2c g2 8x 2o xd iq id cl 8h jw yv h5 t3 jb 22 bs n0 yi sv Global income divergence: Africa and Latin America falling further behind 5w xt 62 xv j7s p ưu lm jp o3 gs t 40 lau jrn cj 3g x8 7z 19 55 2w qr rx 4g bg 3f t 2w jvo z5 ay 1b sd c5 ư0 xq fy2 xx v 7ư m nb w3 xf s w1 lja 5x 54 cj oư 7jz hw 22 qư 1n m rf4 ws eo 80 a6 i2 z6 jjx j3 ef b1 1m ah q5 px y4 zq x 89 itj ok qp bc nr yw d1 l9 qq xv w2 ry 3n jw 61 6g sh k9 sa jk ưo 3d nl h 4h m 4s 73 3p a7 9w i7 qj 4f 9w sd 7s yg gq ht 3a gh d5 78 wx aq x8 x4 w6 62 oy 47 pe 8g rf tx 9p go ưt an ds 2h 6p u0 df lb kj d4 7x jg u0 9z yl wq h0 ư1 h5 or 13 j ku m ư8 qn un xv tb ig k2 ax il h5 b1 ol fw 4m ap er e9 vd of ưq d0 p 4ja 89 f ye zl2 b3 tm ưy 2v p zig wi 2w zw f5 b7 ze ưh 34 43 bj 23 zv bt 4x yh 44 bk dj ay yd pq za oe rc jh rt p3 p2 uw ưj ux t 2c llb jg f5 a1 0h 8b wư ah e 3o 7lư 40 z6 6e ee sv sy g5 r0 sg c6 aq q8 na pv 1ư w0 ưp qo ot xn r7 4c 2r rc 84 ze n3 ak cr e6 9s s1 oc fl 63 c6 79 gt rf 2u ka 86 z6 n5 1z p1 wl 6z 2k ku 1r s0 oly aq ti 4ư ưv bk rh x ưp ikg 3o cr sb ib 97 y1 hh kp l3 1y ug rw wg rq 2z kl 0a 0h yb q2 w7 ci8 np pu m jm cz fm t1 y0 ar 0f qo qe ef 31 ax 23 zb 7v 35 cn du k0 xk ju y7 co 61 sw fk vd WE, NA, Australia Eastern Europe r0 tu 88 0i c4 xo zx xt t3 gk 1w 9e ea jeq p tn o9 gz 34 iư o9 l0a gd o1 3q y iw m rz B/A (B) GDP PC 213 (A) GDP PC 1970 i1 5.000 0m 10.000 2,4 20.000 25.000 Latin America Asia Africa ư9 g2 30.000 35.000 4,9 40.000 2,3 1,9 15.000 er 45.000 50.000 q lln yf fe ie 0w ljy br eu db j s7 ty3 ip z0 bo pư z0 hp jj jjld 1h ad ne n1 ru 1d ug er p3 r3 9w km g2 zw 9b 41 1d x2 wl um b7 fcw j11 bư 6x 46 43 uj t s1 tif © Fulbright University Vietnam ưg n2 lb 5k lx vv 1t c2 cr cy fj vw wt tj1 ưz zc ae 27 f9 c7 ji dk 66 6a u tlt 5p z kg 1j6 9z bp ci h6 0ư s g3 ytd 2b on ưh cq zs jk as 3b 2b th ud 54 lư ư4 dh 4p ưx 75 3y 8g klq 8w pk ps h2 sx k3 q5 u7 f2 m um nf 8v ec jjo ej xh w7 n9 40 2c g2 8x 2o xd iq id cl 8h jw yv h5 t3 jb 22 bs n0 yi sv Measuring income: Purchasing Power Parity exchange rates 5w xt 62 xv j7s p ưu lm jp o3 gs t 40 lau jrn cj 3g x8 7z 19 55 2w qr rx 4g bg 3f t 2w jvo z5 ay 1b sd c5 ư0 xq fy2 xx v 7ư nb w3 xf s w1 lja 5x 54 cj oư 7jz hw 22 qư 1n m rf4 ws eo 80 a6 i2 z6 jjx j3 ef b1 1m ah q5 px y4 zq x 89 itj ok qp bc nr ư9 g2 yw d1 l9 qq xv w2 ry 3n jw 61 6g sh k9 sa jk ưo 3d nl h 4h m 4s 73 3p a7 9w i7 qj 4f 9w sd 7s yg gq ht 3a gh d5 78 wx aq x8 x4 w6 62 oy 47 pe 8g rf tx 9p go ưt an ds 2h 6p u0 df lb kj 7x jg u0 9z yl wq h0 ư1 h5 or 13 j ku m ư8 qn un xv tb ig k2 ax il h5 b1 ol fw 4m ap er e9 vd of ưq d0 p 4ja 89 f ye zl2 US$ 11.50 = VND 264,574 at the official exchange rate d4 b3 tm ưy 2v p zig wi 2w zw f5 b7 ze ưh 34 43 bj 23 zv bt 4x yh 44 bk dj ay yd pq za oe rc jh rt p3 p2 uw ưj i1 0m ux t 2c llb jg f5 a1 0h 8b wư ah e 3o 7lư 40 z6 6e ee sv sy g5 r0 sg c6 aq q8 USD$11.50 = VND 85,947 at PPP exchange rates Phở 24 –, Pasteur, Quận 1, TP.HCM m er Just Pho, 252 W 31st St New York, NY, USA na pv 1ư w0 ưp qo ot xn r7 4c 2r rc 84 ze n3 ak cr e6 9s s1 oc fl 63 c6 79 gt rf 2u ka 86 z6 n5 1z p1 wl 6z 2k ku 1r s0 oly aq ti 4ư ưv bk rh x ưp ikg 3o cr sb ib 97 y1 hh kp l3 1y ug rw wg rq 2z kl 0a r0 0h yb q2 w7 ci8 np pu m jm cz fm t1 y0 0f ar qo qe ef 31 ax 23 zb 7v 35 cn du k0 xk ju y7 co 61 sw fk vd tu 88 0i c4 xo zx xt t3 gk 1w 9e ea jeq p tn o9 gz 34 iư o9 l0a gd o1 3q y iw m rz q lln yf fe ie 0w ljy br eu db j s7 ty3 ip z0 bo pư z0 hp jj jjld 1h ad ne n1 ru 1d ug er p3 r3 9w km g2 zw 9b 41 1d x2 wl um b7 fcw j11 bư 6x 46 43 uj t s1 tif © Fulbright University Vietnam ưg n2 lb 5k lx vv 1t c2 cr cy fj vw wt tj1 ưz zc ae 27 f9 c7 ji dk 66 6a u tlt 5p z kg 1j6 9z bp ci h6 0ư s g3 ytd 2b on ưh cq zs jk as 3b 2b th ud 54 lư ư4 dh 4p ưx 75 3y 8g klq 8w pk ps h2 sx k3 q5 u7 f2 m um nf 8v ec jjo ej xh w7 n9 40 2c g2 8x 2o xd iq id cl 8h jw yv h5 t3 jb 22 bs n0 yi sv Purchasing Power Parity exchange rates 5w xt 62 xv j7s p ưu lm jp o3 gs t 40 lau jrn cj 3g x8 7z 19 55 2w qr rx 4g bg 3f t 2w jvo z5 ay 1b sd c5 xx v 7ư m nb w3 xf s w1 lja 5x 54 cj oư 7jz hw 22 qư 1n m rf4 ws eo 80 a6 i2 z6 jjx j3 ef b1 1m ah q5 px y4 zq x 89 itj ok qp bc nr ư9 g2 yw d1 l9 qq xv w2 ry 3n jw 61 6g sh k9 sa jk ưo 3d nl h 4h m 4s 73 3p a7 9w i7 qj 4f 9w sd 7s yg gq ht 3a gh d5 78 wx aq x8 x4 w6 62 oy 47 pe 8g rf tx 9p go ưt an ds 2h 6p u0 df lb kj d4 7x jg u0 9z yl wq h0 ư1 h5 or 13 j ku m ư8 qn un xv tb ig k2 ax il h5 b1 ol fw 4m ap er e9 vd of ưq d0 p 4ja 89 f ye zl2 b3 tm ưy 2v p zig wi 2w zw f5 b7 ze ưh 34 43 bj 23 zv bt 4x yh 44 bk dj ay yd pq za oe rc jh rt p3 p2 uw ưj i1 0m ux t 2c llb jg f5 a1 0h 8b wư ah e 3o 7lư 40 z6 6e ee sv sy g5 r0 sg c6 aq q8 na pv 1ư w0 ưp qo ▪ er ▪ ư0 xq fy2 ▪ ot xn r7 4c 2r rc 84 ze n3 ak cr e6 9s s1 oc fl 63 c6 79 gt rf 2u ka 86 z6 n5 1z p1 wl 6z 2k ku Official exchange rates are affected by many factors, especially interest rates and the current account balance We need a better way to compare incomes and living standards across countries because things are cheaper in poor countries (labor costs) Purchasing power exchange rates give us “international” dollars that can buy the same bundle of goods everywhere, but People buy different “bundles” of goods and services in different countries ▪ 1r s0 oly aq ti 4ư ưv bk rh x ưp ikg 3o cr sb ib 97 y1 hh kp l3 1y ug rw wg rq 2z kl 0a r0 0h yb q2 w7 ci8 np pu m jm cz fm t1 y0 0f ar qo qe ef 31 ax 23 zb 7v 35 cn du k0 xk ju y7 co 61 sw fk ▪ Even the same goods may be of different quality or different in other ways ▪ There are no unit prices for many of the things that we buy (health care, housing) vd tu 88 0i c4 xo zx xt t3 gk 1w 9e ea jeq p tn o9 gz 34 iư o9 l0a gd o1 3q y iw m rz q lln yf fe ie 0w ljy br eu db j s7 ty3 ip z0 bo pư z0 hp jj jjld 1h ad ne n1 ru 1d ug er p3 r3 9w km g2 zw 9b 41 1d x2 wl um b7 fcw j11 bư 6x 46 43 uj t s1 tif © Fulbright University Vietnam ưg n2 lb 5k lx vv 1t c2 cr tj1 ưz zc ae 27 f9 c7 ji dk 66 6a u tlt 5p z kg 1j6 9z bp ci h6 0ư s g3 ytd 2b on ưh cq zs jk as 3b 2b th ud 54 lư ư4 dh 4p ưx 75 3y 8g klq 8w pk ps h2 sx k3 q5 u7 f2 m um nf 8v ec jjo ej xh w7 n9 40 2c g2 8x 2o xd iq id cl 8h jw yv h5 t3 jb 22 bs n0 yi sv 5w xt 62 xv j7s p ưu lm jp o3 gs t 40 lau jrn cj 3g x8 7z 19 55 2w qr rx 4g bg 3f t 2w jvo z5 ay 1b sd c5 ư0 xq fy2 nb w3 xf s w1 lja 5x 54 cj oư 7jz hw 22 m rf4 ws eo 80 a6 i2 z6 jjx j3 ef b1 1m ah q5 px y4 zq x 89 itj ok qp bc nr ư9 g2 yw d1 l9 qq xv w2 ry 3n jw 61 6g sh k9 sa jk ưo 3d nl h 4h m 4s 73 3p a7 9w i7 qj 4f 9w sd 7s yg gq ht 3a gh d5 78 wx aq x8 x4 w6 62 oy 47 pe 8g rf tx 9p go ưt an ds 2h 6p u0 df lb kj d4 7x jg u0 9z yl wq h0 ư1 h5 or 13 j ku m ư8 qn un xv tb ig k2 ax il h5 b1 ol fw 4m ap er e9 vd of ưq d0 15.000 p 4ja 89 f ye b3 tm ưy 2v p zig wi 2w zw f5 b7 ze ưh 34 43 bj 23 zv bt 4x yh 44 bk dj ay pq oe rc jh rt p3 p2 uw ưj i1 0m ux t 2c llb jg f5 a1 0h 8b wư ah e 3o 7lư 40 z6 6e ee sv sy g5 r0 sg c6 aq q8 na pv 1ư w0 ưp qo ot xn r7 4c 2r rc 84 ze n3 ak cr e6 9s s1 oc fl 63 c6 79 gt rf 2u ka 86 z6 n5 1z p1 wl 6z 2k ku 1r s0 oly aq ti 4ư ưv bk rh x ưp ikg 3o cr sb ib 97 y1 hh kp - 2.4 za 3.2 2.9 yd l3 1y ug rw 10.000 Vietnam wg 2z kl 0a r0 0h yb q2 w7 ci8 np pu m Thailand rq jm cz fm t1 y0 0f ar qo qe ef 31 ax 23 zb 7v 35 cn du k0 xk ju y7 co 61 sw fk PPP$ US$ zl2 3.0 Philippines Malaysia Indonesia India Cambodia 2.5 qư 1n 2.8 5.000 xx 30.000 2.4 20.000 v 7ư m er 25.000 GDP in PPP GDP in current $ $ (current or PPP) cy fj vw wt GDP at official and PPP exchange rates vd tu 88 0i c4 xo zx xt t3 gk 1w 9e ea jeq p tn o9 gz 34 iư o9 l0a gd o1 3q y iw m rz q lln yf fe ie 0w ljy br eu db j s7 ty3 ip z0 bo pư z0 hp jj jjld 1h ad ne n1 ru 1d ug er p3 r3 9w km g2 zw 9b 41 1d x2 wl um b7 fcw j11 bư 6x 46 43 uj t s1 tif © Fulbright University Vietnam ưg n2 lb 5k lx vv 1t c2 cr cy fj vw wt tj1 ưz zc ae 27 f9 c7 ji dk 66 6a u tlt 5p z kg 1j6 9z bp ci h6 0ư s g3 ytd 2b on ưh cq zs jk as 3b 2b th ud 54 lư ư4 dh 4p ưx 75 3y 8g klq 8w pk ps h2 sx k3 q5 u7 f2 m um nf No “unconditional” income convergence 8v ec jjo ej xh w7 n9 40 2c g2 8x 2o xd iq id cl 8h jw yv h5 t3 jb 22 bs n0 yi sv 5w xt 62 xv j7s p ưu lm jp o3 gs t 40 lau jrn cj 3g x8 7z 19 55 2w qr rx 4g bg 3f t 2w jvo z5 ay 1b sd c5 ư0 xq fy2 xx v 7ư m er 9% nb w3 s w1 lja xf China 5x 54 cj oư 7jz hw 22 y = -5E-07x + 0,0383 R² = 0,1177 qư 1n m rf4 ws eo 80 a6 i2 z6 jjx j3 ef b1 1m ah q5 8% px y4 zq x 89 itj ok qp Botswana bc nr ư9 g2 yw d1 l9 qq xv w2 ry 3n jw 61 6g sh k9 sa jk ưo 3d nl h 4s 73 3p a7 i7 qj 4f 9w sd 7s yg Singapore gq ht Korea, Rep 9w 3a gh d5 78 wx aq x8 x4 w6 62 oy Myanmar Malaysia pe 8g rf tx 9p go ưt an ds 6% 47 2h 6p u0 df lb kj d4 h5 or 13 j ku m ư8 qn un xv tb ig k2 ax il h5 b1 ol fw 4m ap er e9 vd of ưq d0 p 4ja 89 f ye zl2 b3 tm ưy 2v p zig wi 2w zw f5 b7 ze ưh 34 43 bj 23 zv bt 4x yh 44 bk dj ay yd pq za oe rc jh rt Luxembourg p3 p2 Iceland uw ưj i1 ux t 2c llb jg f5 Saudi Arabia 0m a1 0h 8b wư e 3o 7lư Australia Canada United States New Zealand Finland Japan Netherlands UnitedAustria Kingdom France Belgium Sweden Germany Bahamas, The Italy ah 40 z6 6e ee sv sy Norway g5 r0 sg c6 aq q8 na pv w0 Andorra 1ư ưp qo ot xn r7 4c 2r rc 84 ze n3 ak cr e6 9s s1 oc fl 63 c6 79 gt Denmark rf 2u ka 86 z6 n5 1z p1 wl 6z Switzerland 2k ku 1r s0 oly aq ti 4ư ưv bk rh x ưp ikg 3o cr sb ib 97 y1 hh kp l3 1y ug rw wg rq 1% h0 2% ư1 3% yl wq 4% u0 5% 9z Iraq Indonesia India Thailand Malta Hong Kong SAR, China Egypt, Arab Rep Oman Dominican Republic Eswatini Ireland Belize Sri Lanka Panama Burkina Kenya Faso Pakistan Paraguay Rwanda Turkey Lesotho Tunisia Bangladesh Seychelles Philippines Israel Morocco Costa Rica Mali Nepal Malawi Sudan Cameroon Chile Benin Colombia Congo, Rep Honduras Ghana Ecuador Chad Gambia, The Brazil Guatemala Algeria Nigeria Papua New Guinea Gabon Senegal Bolivia Peru St Vincent andMexico the Grenadines Cote d'Ivoire Zambia Togo Trinidad and Tobago Fiji NigerMauritania Guinea-Bissau Spain Portugal Uruguay South Africa Puerto Rico Sierra Leone Burundi Argentina Zimbabwe El Salvador Madagascar Guyana Nicaragua Suriname Greece Haiti Georgia Congo, Dem.Jamaica Rep Kiribati Central African Republic 7x jg Real GDP growth 1970-2019 4h m 7% 2z kl 0a r0 0h yb q2 w7 ci8 np pu m jm cz fm t1 y0 0f ar qo qe ef 31 ax 23 0% zb 7v 35 cn du k0 xk ju 35.000 tu 0i c4 40.000 45.000 50.000 xo zx 30.000 88 25.000 vd 20.000 fk 15.000 61 10.000 sw 5.000 y7 co - xt t3 gk 1w ea 9e GDP per capita 1970 constant 2011 USD PPP jeq p tn o9 gz 34 iư o9 l0a gd o1 3q y iw m rz q lln yf fe ie 0w ljy br eu db j s7 ty3 ip z0 bo pư z0 hp jj jjld 1h ad ne n1 ru 1d ug er p3 r3 9w km g2 zw 9b 41 1d x2 wl fcw j11 um b7 © Fulbright University Vietnam bư 6x 46 43 uj t s1 tif ưg n2 lb 5k lx vv 1t c2 cr cy fj vw wt tj1 ưz zc ae 27 f9 c7 ji dk 66 6a u tlt 5p z kg 1j6 9z bp ci h6 0ư s g3 ytd 2b on ưh cq zs jk as 3b 2b th ud 54 lư ư4 dh 4p ưx 75 3y 8g klq 8w pk ps h2 sx k3 q5 u7 f2 m um nf 8v ec jjo ej xh w7 n9 40 2c g2 8x 2o xd iq id cl 8h jw yv h5 t3 jb 22 bs n0 yi sv “Conditional” convergence 5w xt 62 xv j7s p ưu lm jp o3 gs t 40 lau jrn cj 3g x8 7z 19 55 2w qr rx 4g bg 3f t 2w jvo z5 ay 1b sd c5 xx v 7ư m er nb w3 xf s w1 lja 5x 54 cj oư 7jz hw 22 qư 1n m rf4 ws eo 80 a6 i2 z6 jjx j3 ef b1 1m ah q5 px y4 zq x 89 itj ok qp bc nr ư9 g2 yw d1 l9 qq xv w2 ry 3n jw 61 6g sh k9 sa jk ưo 3d nl h 4h m 4s 73 3p a7 9w i7 qj 4f 9w sd 7s yg gq ht 3a gh d5 78 wx aq x8 x4 w6 62 oy 47 pe 8g rf tx 9p go ưt an ds 2h 6p u0 df lb kj d4 7x jg u0 9z yl wq h0 ư1 h5 or 13 j ku m ư8 qn un xv tb ig k2 ax il h5 b1 ol fw 4m ap er e9 vd of ưq d0 p 4ja 89 f ye zl2 b3 tm ưy 2v p zig wi 2w zw f5 b7 ze ưh 34 43 bj 23 zv bt 4x yh 44 bk dj ay yd pq za oe rc jh rt p3 p2 uw ưj i1 0m ux t 2c llb jg f5 a1 0h 8b wư ah e 3o 7lư 40 z6 6e ee sv sy g5 r0 sg c6 aq q8 na pv 1ư w0 ưp qo ot xn r7 4c 2r rc 84 ze n3 ak cr e6 9s s1 oc fl 63 c6 79 gt rf 2u ka 86 z6 n5 1z p1 wl 6z 2k ku 1r s0 oly aq ti 4ư ưv bk rh x ưp ikg 3o cr sb ib 97 y1 hh kp l3 1y ug rw wg rq 2z kl 0a r0 0h yb q2 w7 ci8 np pu m jm cz fm t1 y0 0f ar qo qe ef 31 ax 23 zb 7v 35 cn du k0 xk ju y7 co 61 sw fk vd tu 88 0i c4 xo zx xt t3 gk 1w 9e ea jeq p tn o9 Often called “beta” convergence (alpha is initial income per capita and beta is some parameter like human capital or corruption) • ư0 xq fy2 • Neoclassical economists were not happy with the absence of income convergence so they set about to explain it Incomes would be converging if certain things were happening • • If we control for variations in human capita (Barro 1990) • If we control for variations in trade liberalization l (Sachs and Warner 1995) • If we control for variations in rule of law (Kaufmann and Kraay 1999) • If we control for ethno-linguistic diversity (Easterly and Levine 1997) • If we control for patterns of colonial settlement (Sokoloff and Engerman 2000) • Etc gz 34 iư o9 l0a gd o1 3q y iw m rz q lln yf fe ie 0w ljy br eu db j s7 ty3 ip z0 bo pư z0 hp jj jjld 1h ad ne n1 ru 1d ug er p3 r3 9w km g2 zw 9b 41 1d x2 wl um b7 fcw j11 bư 6x 46 43 uj t s1 tif © Fulbright University Vietnam ưg n2 lb 5k lx vv 1t c2 cr cy fj vw wt tj1 ưz zc ae 27 f9 c7 ji dk 66 6a u tlt 5p z kg 1j6 9z bp ci h6 0ư s g3 ytd 2b on ưh cq zs jk as 3b 2b th ud 54 lư ư4 dh 4p ưx 75 3y 8g klq 8w pk ps h2 sx k3 q5 u7 f2 m um nf 8v ec jjo ej xh w7 n9 40 2c g2 8x 2o xd iq id cl 8h jw yv h5 t3 jb 22 bs n0 yi sv 5w xt “Conditional” convergence 62 xv j7s p ưu lm jp o3 gs t 40 lau jrn cj 3g x8 7z 19 55 2w qr rx 4g bg 3f t 2w jvo z5 ay 1b sd c5 ư0 xq fy2 xx v 7ư m er nb w3 xf s w1 lja 5x 54 cj oư 7jz hw 22 qư 1n m rf4 ws eo 80 a6 i2 z6 jjx j3 ef b1 1m ah q5 px y4 zq x 89 itj ok qp bc nr ư9 g2 yw d1 l9 qq xv w2 ry 3n jw • There does tend to be a negative relationship between growth rates and initial per capita incomes 61 6g sh k9 sa jk ưo 3d nl h 4h m 4s 73 3p a7 9w i7 qj 4f 9w sd 7s yg gq ht 3a gh d5 78 wx aq x8 x4 w6 62 oy 47 pe 8g rf tx 9p go ưt an ds 2h 6p u0 df lb kj d4 7x jg u0 9z yl wq h0 ư1 h5 or 13 j ku m ư8 qn un xv tb ig k2 ax il h5 b1 ol fw 4m ap er e9 vd of ưq d0 p 4ja 89 f ye zl2 b3 tm ưy 2v p zig wi 2w zw f5 b7 ze ưh 34 43 bj 23 zv bt 4x yh 44 bk dj ay yd pq za • However, the “beta” coefThficients are not stable (depend on which variables are included, the countries included in the sample and the years) oe rc jh rt p3 p2 uw ưj i1 0m ux t 2c llb jg f5 a1 0h 8b wư ah e 3o 7lư 40 z6 6e ee sv sy g5 r0 sg c6 aq q8 na pv 1ư w0 ưp qo ot xn r7 4c • The only consistent relationship is between growth and investment 2r rc 84 ze n3 ak cr e6 9s s1 oc fl 63 c6 79 gt rf 2u ka 86 z6 n5 1z p1 wl 6z 2k ku 1r s0 oly aq ti 4ư ưv bk rh x ưp ikg 3o cr sb ib 97 y1 • If investment is included, none of the betas are significant hh kp l3 1y ug rw wg rq 2z kl 0a r0 0h yb q2 w7 ci8 np pu m jm cz fm t1 y0 0f ar qo qe ef 31 ax 23 zb 7v 35 cn du k0 xk ju y7 co 61 sw fk vd tu 88 0i c4 xo zx xt t3 gk 1w 9e ea jeq p tn o9 gz 34 iư o9 l0a gd o1 3q y iw m rz q lln yf fe ie 0w ljy br eu db j s7 ty3 ip z0 bo pư z0 hp jj jjld 1h ad ne n1 ru 1d ug er p3 r3 9w km g2 zw 9b 41 1d x2 wl um b7 fcw j11 bư 6x 46 43 uj t s1 tif © Fulbright University Vietnam ưg n2 lb 5k lx vv 1t c2 cr cy fj vw wt tj1 ưz zc ae 27 f9 c7 ji dk 66 6a u tlt 5p z kg 1j6 9z bp ci h6 0ư s g3 ytd 2b on ưh cq zs jk as 3b 2b th ud 54 lư ư4 dh 4p ưx 75 3y 8g klq 8w pk ps h2 sx k3 ej xh w7 n9 40 2c g2 8x 2o xd iq id cl 8h jw yv h5 t3 jb 22 bs n0 yi sv 5w xt 62 xv j7s p ưu lm jp o3 gs t 40 lau jrn cj 3g x8 7z 19 55 2w qr rx 4g bg 3f t 2w jvo z5 ay 1b sd c5 ư0 xq fy2 xx v 7ư m er nb w3 xf s w1 lja 5x 54 cj oư 7jz hw 22 qư 1n m rf4 ws eo 80 a6 i2 z6 jjx j3 ef b1 1m ah q5 px y4 zq x 89 itj ok qp bc nr ư9 g2 yw d1 l9 qq xv w2 ry 3n jw 61 6g sh k9 sa jk ưo 3d nl h 4h m 4s 73 3p a7 9w i7 qj 4f 9w sd 7s yg gq ht 3a gh d5 78 wx aq x8 x4 w6 62 oy 47 pe 8g rf tx 9p go ưt an ds 2h 6p u0 df lb kj d4 7x jg u0 9z yl wq h0 ư1 h5 or 13 j ku m ư8 qn un xv tb ig k2 ax il h5 b1 ol fw 4m ap er e9 vd of ưq d0 p 4ja 89 f ye zl2 b3 tm ưy 2v p zig wi 2w zw f5 b7 ze ưh 34 43 bj 23 zv bt 4x yh 44 bk dj ay yd pq za oe rc jh rt p3 p2 uw ưj i1 0m ux t 2c llb jg f5 a1 0h 8b wư ah e 3o 7lư 40 z6 6e ee sv sy g5 r0 sg c6 aq q8 na pv 1ư w0 ưp qo ot xn r7 4c 2r rc 84 ze n3 ak cr e6 9s s1 oc fl 63 c6 79 gt rf 2u ka 86 z6 n5 • 8v • ec jjo • um nf • 1z p1 North America, Europe, Australia and New Zealand grew rapidly after World War II and then slowed after the 1970s Sharing of technology, knowledge, institutions, finance Another convergence club formed in East Asia around Japan: Korea, Taiwan, Hong Kong and Singapore (NICS) from the 1970s Is there a new convergence club around China? No evidence of convergence for Latin America and Africa since 1970 • q5 u7 f2 m Convergence clubs wl 6z 2k ku 1r s0 oly aq ti 4ư ưv bk rh x ưp ikg 3o cr sb ib 97 y1 hh kp l3 1y ug rw wg rq 2z kl 0a r0 0h yb q2 w7 ci8 np pu m jm cz fm t1 y0 0f ar qo qe ef 31 ax 23 zb 7v 35 cn du k0 xk ju y7 co 61 sw fk vd tu 88 0i c4 xo zx xt t3 gk 1w 9e ea jeq p tn o9 gz 34 iư o9 l0a gd o1 3q y iw m rz q lln yf fe ie 0w ljy br eu db j s7 ty3 ip z0 bo pư z0 hp jj jjld 1h ad ne n1 ru 1d ug er p3 r3 9w km g2 zw 9b 41 1d x2 wl um b7 fcw j11 bư 6x 46 43 uj t s1 tif 10 © Fulbright University Vietnam ưg n2 lb 5k lx vv 1t c2 cr cy fj vw wt tj1 ưz zc ae 27 f9 c7 ji dk 66 6a u tlt 5p z kg 1j6 9z bp ci h6 0ư s g3 ytd 2b on ưh cq zs jk as 3b 2b th ud 54 lư ư4 dh 4p ưx 75 3y 8g klq 8w pk ps h2 sx k3 q5 u7 f2 m um nf 8v ec jjo ej xh w7 n9 40 2c g2 8x 2o xd iq id cl 8h jw yv h5 t3 jb 22 bs n0 yi sv Divergence “big time” (9:1 ratio in 1870, 50:1 in 1990 (Pritchett) and Convergence Clubs 5w xt 62 xv j7s p ưu lm jp o3 gs t 40 lau jrn cj 3g x8 7z 19 55 2w qr rx 4g bg 3f t 2w jvo z5 ay 1b sd c5 ư0 xq fy2 xx v 7ư m er nb w3 xf s w1 lja 5x 54 cj oư 7jz hw 22 qư 1n m rf4 ws eo 80 a6 i2 z6 jjx j3 ef b1 1m ah q5 px y4 zq x 89 itj ok qp bc nr ư9 g2 yw d1 l9 qq xv w2 ry 3n jw 61 6g sh k9 sa jk ưo 3d nl h 4h m 4s 73 3p a7 9w i7 qj 4f 9w sd 7s yg gq ht 3a gh d5 78 wx aq x8 x4 w6 62 oy 47 pe 8g rf tx 9p go ưt an ds 2h 6p u0 df lb kj d4 7x jg u0 9z yl wq h0 ư1 h5 or 13 j ku m ư8 qn un xv tb ig k2 ax il h5 b1 ol fw 4m ap er e9 vd of ưq d0 p 4ja 89 f ye zl2 b3 tm ưy 2v p zig wi 2w zw f5 b7 ze ưh 34 43 bj 23 zv bt 4x yh 44 bk dj ay yd pq za oe rc jh rt p3 p2 uw ưj i1 0m ux t 2c llb jg f5 a1 0h 8b wư ah e 3o 7lư 40 z6 6e ee sv sy g5 r0 sg c6 aq q8 na pv 1ư w0 ưp qo ot xn r7 4c 2r rc 84 ze n3 ak cr e6 9s s1 oc fl 63 c6 79 gt rf 2u ka 86 z6 n5 1z p1 wl 6z 2k ku 1r s0 oly aq ti 4ư ưv bk rh x ưp ikg 3o cr sb ib 97 y1 hh kp l3 1y ug rw wg rq 2z kl 0a r0 0h yb q2 w7 ci8 np pu m jm cz fm t1 y0 0f ar qo qe ef 31 ax 23 zb 7v 35 cn du k0 xk ju y7 co 61 sw fk vd tu 88 0i c4 xo zx xt t3 gk 1w 9e ea jeq p tn o9 gz 34 iư o9 l0a gd o1 3q y iw m rz q lln yf fe ie 0w ljy br eu db j s7 ty3 ip z0 bo pư 24 rich countries (Australia, Austria, Belgium, UK, Canada, Denmark, Finland, France, Germany, Greece, Iceland, Ireland, Italy, Japan, Luxembourg, Netherlands, NZ, Norway, Portugal, Spain, Sweden, Switzerland, Turkey, USA z0 hp jj jjld 1h ad ne n1 ru 1d ug er p3 r3 9w km g2 zw 9b 41 1d x2 wl um b7 fcw j11 bư 6x 46 43 uj t s1 tif 11 © Fulbright University Vietnam ưg n2 lb 5k lx vv 1t c2 cr cy fj vw wt tj1 ưz zc ae 27 f9 c7 ji dk 66 6a u tlt 5p z kg 1j6 9z bp ci h6 0ư s g3 ytd 2b on ưh cq zs jk as 3b 2b th ud 54 lư ư4 dh 4p ưx 75 3y 8g klq 8w pk ps h2 sx k3 q5 u7 f2 m um nf 8v ec jjo ej xh w7 n9 40 2c g2 8x 2o xd iq id cl 8h jw yv h5 t3 jb 22 bs n0 yi sv But if the unit of analysis is people not countries… 5w xt 62 xv j7s p ưu lm jp o3 gs t 40 lau jrn cj 3g x8 7z 19 55 2w qr rx 4g bg 3f t 2w jvo z5 ay 1b sd c5 ư0 xq fy2 xx v 7ư m er nb w3 xf s w1 lja 5x 54 cj oư 7jz hw 22 qư 1n m rf4 ws eo 80 a6 i2 z6 jjx j3 ef b1 1m ah q5 • The world is becoming much more equal px y4 zq x 89 itj ok qp bc nr ư9 g2 yw d1 l9 qq xv w2 ry 3n jw 61 6g sh k9 sa jk ưo 3d nl h 4h m 4s 73 3p a7 9w i7 qj 4f 9w sd 7s yg gq ht 3a gh • India and China have more than 40% of global d5 78 wx aq x8 x4 w6 62 oy 47 pe 8g rf tx 9p go ưt an ds 2h 6p u0 df lb kj d4 7x jg u0 9z yl wq h0 ư1 h5 or 13 j ku m ư8 qn un xv tb ig k2 ax il h5 b1 ol fw 4m ap er e9 vd of ưq d0 p 4ja 89 f ye zl2 b3 tm ưy 2v p zig wi 2w zw f5 b7 ze ưh 34 43 bj 23 zv bt 4x yh 44 bk dj ay yd pq za oe rc jh rt p3 p2 uw ưj i1 0m ux t 2c llb jg f5 a1 0h 8b wư ah e 3o 7lư 40 z6 6e ee sv sy g5 r0 sg c6 aq q8 na pv 1ư w0 ưp qo ot xn r7 4c 2r rc 84 ze n3 ak cr e6 9s s1 oc fl 63 c6 79 gt rf 2u ka 86 z6 n5 1z p1 wl 6z 2k ku 1r s0 oly aq ti 4ư ưv bk rh x ưp ikg 3o cr sb ib 97 y1 hh kp l3 1y ug rw wg rq 2z kl 0a r0 0h yb q2 w7 ci8 np pu m jm cz fm t1 y0 population and they are growing quickly (or were until Covid-19) – but they are also becoming more unequal • Rise of the new middle classes in Asia • Even as inequality within countries is rising, inequality between countries is falling 0f ar qo qe ef 31 ax 23 zb 7v 35 cn du k0 xk ju y7 co 61 sw fk vd tu 88 0i c4 xo zx xt t3 gk 1w 9e ea jeq p tn o9 gz 34 iư o9 l0a gd o1 3q y iw m rz q lln yf fe ie 0w ljy br eu db j s7 ty3 ip z0 bo pư z0 hp jj jjld 1h ad ne n1 ru 1d ug er p3 r3 9w km g2 zw 9b 41 1d x2 wl um b7 fcw j11 bư 6x 46 43 uj t s1 tif 12 © Fulbright University Vietnam ưg n2 lb 5k lx vv 1t c2 cr cy fj vw wt tj1 ưz zc ae 27 f9 c7 ji dk 66 6a u tlt 5p z kg 1j6 9z bp ci h6 0ư s g3 ytd 2b on ưh cq zs jk as 3b 2b th ud 54 lư ư4 dh 4p ưx 75 3y 8g klq 8w pk ps h2 sx k3 q5 u7 f2 m um nf 8v ec jjo ej xh w7 n9 40 2c g2 8x 2o xd iq id cl 8h jw yv h5 t3 jb 22 bs n0 yi sv Inequality between countries 5w xt 62 xv j7s p ưu lm jp o3 gs t 40 lau jrn cj 3g x8 7z 19 55 2w qr rx 4g bg 3f t 2w jvo z5 ay 1b sd c5 ư0 xq fy2 xx v 7ư m er nb w3 xf s w1 lja 5x 54 cj oư 7jz hw 22 qư 1n m rf4 ws eo 80 a6 i2 z6 jjx j3 ef b1 1m ah q5 px y4 zq x 89 itj ok qp bc nr ư9 g2 yw d1 l9 qq xv w2 ry 3n jw 61 6g sh k9 sa jk ưo 3d nl h 4h m 4s 73 3p a7 9w i7 qj 4f 9w sd 7s yg gq ht 3a gh d5 78 wx aq x8 x4 w6 62 oy 47 pe 8g rf tx 9p go ưt an ds 2h 6p u0 df lb kj d4 7x jg u0 9z yl wq h0 ư1 h5 or 13 j ku m ư8 qn un xv tb ig k2 ax il h5 b1 ol fw 4m ap er e9 vd of ưq d0 p 4ja 89 f ye zl2 b3 tm ưy 2v p zig wi 2w zw f5 b7 ze ưh 34 43 bj 23 zv bt 4x yh 44 bk dj ay yd pq za oe rc jh rt p3 p2 uw ưj i1 0m ux t 2c llb jg f5 a1 0h 8b wư ah e 3o 7lư 40 z6 6e ee sv sy g5 r0 sg c6 aq q8 na pv 1ư w0 ưp qo ot xn r7 4c 2r rc 84 ze n3 ak cr e6 9s s1 oc fl 63 c6 79 gt rf 2u ka 86 z6 n5 1z p1 wl 6z 2k ku 1r s0 oly aq ti 4ư ưv bk rh x ưp ikg 3o cr sb ib 97 y1 hh kp l3 1y ug rw wg rq 2z kl 0a r0 0h yb q2 w7 ci8 np pu m jm cz fm t1 y0 0f ar qo qe ef 31 ax 23 zb 7v 35 cn du k0 xk ju y7 co 61 sw fk vd tu 88 0i c4 xo zx xt t3 gk 1w 9e ea jeq p tn o9 gz 34 iư o9 l0a gd o1 3q y iw m rz q lln 1820 most people are poor and few people very rich • 1970 rich and poor countries • 2000 a richer, more equal world • yf fe ie 0w ljy br eu db j s7 ty3 ip z0 bo pư z0 hp jj jjld 1h ad ne n1 ru 1d ug er p3 r3 9w km g2 zw 9b 41 1d x2 wl um b7 fcw j11 bư 6x 46 43 uj t s1 tif 13 © Fulbright University Vietnam ưg n2 lb 5k lx vv 1t c2 cr cy fj vw wt tj1 ưz zc ae 27 f9 c7 ji dk 66 6a u tlt 5p z kg 1j6 9z bp ci h6 0ư s g3 ytd 2b on ưh cq zs jk as 3b 2b th ud 54 lư ư4 dh 4p ưx 75 3y 8g klq 8w pk ps h2 sx k3 q5 u7 f2 m um nf 8v ec jjo ej xh w7 n9 40 2c g2 8x 2o xd iq id cl 8h jw yv h5 t3 jb 22 bs n0 yi sv The elephant chart 5w xt 62 xv j7s p ưu lm jp o3 gs t 40 lau jrn cj 3g x8 7z 19 55 2w qr rx 4g bg 3f t 2w jvo z5 1b sd c5 ư0 xq fy2 xx v 7ư m er nb w3 xf s w1 lja 5x 54 cj oư 7jz hw 22 qư 1n m rf4 ws eo 80 a6 i2 z6 jjx j3 ef b1 1m ah q5 px y4 zq x 89 itj ok qp bc nr ư9 g2 yw d1 l9 qq xv w2 ry 3n jw 61 6g sh k9 sa jk ưo 3d nl h 4h m 4s 73 3p a7 9w i7 qj 4f 9w sd 7s yg gq ht 3a gh d5 78 wx aq x8 x4 w6 62 oy 47 pe 8g rf tx 9p go ưt an ds 2h 6p u0 df lb kj d4 7x jg u0 9z yl wq h0 ư1 h5 or 13 j ku m ư8 qn un xv tb ig k2 ax il h5 b1 ol fw 4m ap er e9 vd of ưq d0 p 4ja 89 f ye zl2 b3 tm ưy 2v p zig wi 2w zw f5 b7 ze ưh 34 43 bj 23 zv bt 4x yh 44 bk dj ay yd pq za oe rc jh rt p3 p2 uw ưj i1 0m ux t 2c llb jg f5 a1 0h 8b wư ah e 3o 7lư 40 z6 6e ee sv sy g5 r0 sg c6 aq q8 na pv 1ư w0 ưp qo ot xn r7 4c 2r rc 84 ze n3 ak cr e6 9s s1 oc fl 63 c6 79 gt rf 2u ka 86 z6 n5 1z p1 wl 6z 2k ku 1r s0 oly aq ti 4ư ưv bk rh x ưp ikg 3o cr sb ib 97 y1 hh kp l3 1y ug rw wg rq 2z kl 0a r0 0h yb q2 w7 ci8 np pu m jm cz fm t1 y0 0f ar qo qe ef 31 ax 23 zb 7v 35 cn du k0 xk ju y7 co 61 sw fk vd tu 88 0i c4 xo zx xt t3 gk 1w 9e ea jeq Branko Milanovic, 2012 “Global Income Inequality by the Numbers” • Measures changes in real income 1988-2008 for each percentile of the global distribution of income in constant US dollars • The winners were in the middle of the global distribution: the new middle classes in Asia • The losers were the moderately rich: The US and European middle classes ay • p tn o9 gz 34 iư o9 l0a gd o1 3q y iw m rz q lln yf fe ie 0w ljy br eu db j s7 ty3 ip z0 bo pư z0 hp jj jjld 1h ad ne n1 ru 1d ug er p3 r3 9w km g2 zw 9b 41 1d x2 wl um b7 fcw j11 bư 6x 46 43 uj t s1 tif 14 © Fulbright University Vietnam ưg n2 lb 5k lx vv 1t c2 cr cy fj vw wt tj1 ưz zc ae 27 f9 c7 ji dk 66 6a u tlt 5p z kg 1j6 9z bp ci h6 0ư s g3 ytd 2b on ưh cq zs jk as 3b 2b th ud 54 lư ư4 dh 4p ưx 75 3y 8g klq 8w pk ps h2 sx k3 q5 u7 f2 m um nf 8v ec jjo ej xh w7 n9 40 2c g2 8x 2o xd iq id cl 8h jw yv h5 t3 jb 22 bs n0 yi sv The end of the elephant 5w xt 62 xv j7s p ưu lm jp o3 gs t 40 lau jrn cj 3g 19 55 2w qr rx 4g bg 3f t 2w jvo z5 ay 1b sd c5 ư0 xq fy2 xx v 7ư m er nb w3 xf s w1 lja 5x 54 cj oư 7jz hw 22 qư 1n m rf4 ws eo 80 a6 i2 z6 jjx j3 ef b1 1m ah q5 px y4 zq x 89 itj ok qp bc nr ư9 g2 yw d1 l9 qq xv w2 ry 3n jw 61 6g sh k9 sa jk ưo 3d nl h 4h m 4s 73 3p a7 9w i7 qj 4f 9w sd 7s yg gq ht 3a gh d5 78 wx aq x8 x4 w6 62 oy 47 pe 8g rf tx After 2008 the poor recorded larger real increase in incomes • Their absolute income gains were still less than the rich, but their relative gains were greater x8 7z • 9p go ưt an ds 2h 6p u0 df lb kj d4 7x jg u0 9z yl wq h0 ư1 h5 or 13 j ku m ư8 qn un xv tb ig k2 ax il h5 b1 ol fw 4m ap er e9 vd of ưq d0 p 4ja 89 f ye zl2 b3 tm ưy 2v p zig wi 2w zw f5 b7 ze ưh 34 43 bj 23 zv bt 4x yh 44 bk dj ay yd pq za oe rc jh rt p3 p2 uw ưj i1 0m ux t 2c llb jg f5 a1 0h 8b wư ah e 3o 7lư 40 z6 6e ee sv sy g5 r0 sg c6 aq q8 na pv 1ư w0 ưp qo ot xn r7 4c 2r rc 84 ze n3 ak cr e6 9s s1 oc fl 63 c6 79 gt rf 2u ka 86 z6 n5 1z p1 wl 6z 2k ku 1r s0 oly aq ti 4ư ưv bk rh x ưp ikg 3o cr sb ib 97 y1 hh kp l3 1y ug rw wg rq 2z kl 0a r0 0h yb q2 w7 ci8 np pu m jm cz fm t1 y0 0f ar qo qe ef 31 ax 23 zb 7v 35 cn du k0 xk ju y7 co 61 sw fk vd tu 88 0i c4 xo zx xt t3 gk 1w 9e ea jeq p tn o9 gz 34 iư o9 l0a gd o1 3q y iw m rz q lln yf fe ie 0w ljy br eu db j s7 ty3 • Top earners are so rich that even a large absolute increase results in a lower relative increase in incomes • Their absolute income gains were still less than the rich, but their relative gains were greater ip z0 bo pư z0 hp jj jjld 1h ad ne n1 ru 1d ug er p3 r3 9w km g2 zw 9b 41 1d x2 wl um b7 fcw j11 bư 6x 46 43 uj t s1 tif 15 © Fulbright University Vietnam ưg n2 lb 5k lx vv 1t c2 cr cy fj vw wt tj1 ưz zc ae 27 f9 c7 ji dk 66 6a u tlt 5p z kg 1j6 9z bp ci h6 0ư s g3 ytd 2b on ưh cq zs jk as 3b 2b th ud 54 lư ư4 dh 4p ưx 75 3y 8g klq 8w pk ps h2 sx k3 q5 u7 f2 m um nf 8v ec jjo ej xh w7 n9 40 2c g2 8x 2o xd iq id cl 8h jw yv h5 t3 jb 22 bs n0 yi sv Global warming could bring an end to the equalizing tendences of the post-1970 period 5w xt 62 xv j7s p ưu lm jp o3 gs t 40 lau jrn cj 3g x8 7z 19 55 2w qr rx 4g bg 3f t 2w jvo z5 ay 1b sd c5 ư0 xq fy2 xx v 7ư m er nb w3 xf s w1 lja 5x 54 cj oư 7jz hw 22 qư 1n m rf4 ws eo 80 a6 i2 z6 jjx j3 ef b1 1m ah q5 px y4 zq x 89 itj ok qp bc nr ư9 g2 yw d1 l9 qq xv w2 ry 3n jw 61 6g sh k9 sa jk ưo 3d nl h 4h m 4s 73 3p a7 9w i7 qj 4f 9w sd 7s yg gq ht 3a gh d5 78 wx aq x8 x4 w6 62 oy 47 pe 8g rf tx 9p go ưt an ds 2h 6p u0 df lb kj d4 7x jg u0 9z yl wq h0 ư1 h5 or 13 j ku m ư8 qn un xv tb ig k2 ax il h5 b1 ol fw 4m ap er e9 vd of ưq d0 p 4ja 89 f ye zl2 b3 tm ưy 2v p zig wi 2w zw f5 b7 ze ưh 34 43 bj 23 zv bt 4x yh 44 bk dj ay yd pq za oe rc jh rt p3 p2 uw ưj i1 0m ux t 2c llb jg f5 a1 0h 8b wư ah e 3o 7lư 40 z6 6e ee sv sy g5 r0 sg c6 aq q8 na pv 1ư w0 ưp qo ot xn r7 4c 2r rc 84 ze n3 ak cr e6 9s s1 oc fl 63 c6 79 gt rf 2u ka 86 z6 n5 1z p1 wl 6z 2k ku 1r s0 oly aq ti 4ư ưv bk rh x ưp ikg 3o cr sb ib 97 y1 hh kp l3 1y ug rw wg rq 2z kl 0a r0 0h yb q2 w7 ci8 np pu m jm cz fm t1 y0 0f ar qo qe ef 31 ax 23 zb 7v 35 cn du k0 xk ju y7 co 61 sw fk vd tu 88 0i c4 xo zx xt t3 gk 1w 9e ea jeq p tn o9 gz 34 iư o9 l0a gd o1 3q y iw m rz q lln Diffenbaugh and Burke (2019) Poor countries have hotter climates and have suffered greater GDP loss from climate change • But rich countries have been the main cause of global warming • Global warming has probably increased GDP in temperate climates and reduced GDP in the tropics • yf fe ie 0w ljy br eu db j s7 ty3 ip z0 bo pư z0 hp jj jjld 1h ad ne n1 ru 1d ug er p3 r3 9w km g2 zw 9b 41 1d x2 wl um b7 fcw j11 bư 6x 46 43 uj t s1 tif 16 © Fulbright University Vietnam ưg n2 lb 5k lx vv 1t c2 cr cy fj vw wt tj1 ưz zc ae 27 f9 c7 ji dk 66 6a u tlt 5p z kg 1j6 9z bp ci h6 0ư s g3 ytd 2b on ưh cq zs jk as 3b 2b th ud 54 lư ư4 dh 4p ưx 75 3y 8g klq 8w pk ps h2 sx k3 q5 u7 f2 m um nf 8v ec jjo ej xh w7 n9 40 2c g2 8x 2o xd iq id cl 8h jw yv h5 t3 jb 22 bs n0 yi sv 5w xt Discussion questions 62 xv j7s p ưu lm jp o3 gs t 40 lau jrn cj 3g x8 7z 19 55 2w qr rx 4g bg 3f t 2w jvo z5 ay 1b sd c5 ư0 xq fy2 xx v 7ư m er nb w3 xf s w1 lja 5x 54 cj oư 7jz hw 22 qư 1n m rf4 ws eo 80 a6 i2 z6 jjx j3 ef b1 1m ah q5 px y4 zq x 89 itj ok qp bc nr ư9 g2 yw d1 l9 qq xv w2 ry What are the assumptions of the neoclassical growth model? Are they relevant to economic growth in Vietnam? 3n jw 61 6g sh k9 sa jk ưo 3d nl h 4h m 4s 73 3p a7 9w i7 qj 4f 9w sd 7s yg gq ht 3a gh d5 78 wx aq x8 x4 w6 62 oy 47 pe 8g rf tx 9p go ưt an ds 2h 6p u0 df lb kj d4 7x jg u0 9z yl wq h0 ư1 h5 or 13 j ku m ư8 qn un xv tb ig k2 ax il h5 b1 ol fw 4m ap er e9 vd of What are the factors relevant to economic growth that are not addressed in the Solow Model or “new” growth theory? ưq d0 p 4ja 89 f ye zl2 b3 tm ưy 2v p zig wi 2w zw f5 b7 ze ưh 34 43 bj 23 zv bt 4x yh 44 bk dj ay yd pq za oe rc jh rt p3 p2 uw ưj i1 0m ux t 2c llb jg f5 a1 0h 8b wư ah e 3o 7lư 40 z6 6e ee sv sy g5 r0 sg c6 aq q8 na pv 1ư w0 ưp qo ot xn r7 4c 2r rc 84 ze n3 ak cr e6 9s s1 oc fl 63 c6 79 gt rf 2u ka 86 z6 n5 1z p1 wl 6z 2k ku 1r s0 oly aq ti 4ư ưv bk rh x ưp ikg 3o cr sb ib 97 y1 hh kp l3 1y ug rw wg rq 2z kl 0a r0 0h yb q2 w7 ci8 np pu m jm cz fm t1 y0 0f ar qo qe ef 31 ax 23 zb 7v 35 cn du k0 xk ju y7 co 61 sw fk vd tu 88 0i c4 xo zx xt t3 gk 1w 9e ea jeq p tn o9 gz 34 iư o9 l0a gd o1 3q y iw m rz q lln yf fe ie 0w ljy br eu db j s7 ty3 ip z0 bo pư z0 hp jj jjld 1h ad ne n1 ru 1d ug er p3 r3 9w km g2 zw 9b 41 1d x2 wl um b7 fcw j11 bư 6x 46 43 uj t s1 tif 17 © Fulbright University Vietnam ưg n2 lb 5k lx vv 1t c2 cr