Question

Could someone explain the difference between Relative Convergence, Conditional Convergence, and Absolute Convergence?

I believe Relative convergence is just the broad statement of saying "poor countries are growing relative to the richer countries".

I believe Conditional convergence is saying "standard of living will only converge if these two groups of economies have similar characteristics/ conditions".

Finally Absolute convergence I have no clue what this one is.

Correct me if I am wrong

Answer 1

Relative convergence means countries are not only converging absolutely but even relatively i. E in growth terms they are converging more

Second is not right. It means something is kept constant like population. It means countries structural characteristics define growth and not level of initial income

Absolutel convergence means gap between rich and poor country is decreasing in absolute terms that in terms of amounts of income etc. In other words rich countries grow slowly as they approach steady state. Here initial low income leds to more growth