How are these different?
From what I understand is that Conditional convergence says that given certain conditions, the level of output per capita becomes equal in long run across similar countries. How is this different from Club convergence?
In one of the EOC questions, Q asked what type of convergence is represented by the statement “Poor countries will only converge to the income levels of the richest countries if they make appropriate institutional changes” and the answer was CLUB convergence. This seemed like CONDITIONAL convergence to me and thus I am here asking for any insight into this.
Thanks