Convergence Clubs in Cross-Country Life Expectancy Dynamics

Can ‘development’ and ‘underdevelopment’ be defined as specific economic states? Is it possible that whole sets of countries find themselves in particular types of dynamic equilibria that determine the type and extent of their growth? This is the kind of question that was addressed when development theory originated. However, the difficulties faced by development policy in practice led to the current restricted focus on poverty, and on balanced macroeconomics and open trade and investment policies. Although it is hoped that these policies will lead to growth and lift billions out of misery, they are not really based on a theory of development, but on basic general recommendations dealing with poverty and growth that in principle apply to any country.