GDP Per Capita Inequality: Countries

This lecture discusses the GDP per capita inequality between countries, focusing on the huge income differences and the concentration of low-income countries in Africa. It analyzes the implications for catching up, the convergence trends, and the factors influencing economic growth rates. The classic growth model, supportive public policies, and the correlation between quality of education and economic growth are also explored. The lecture delves into the poverty trap, geographical influences on economic development, and the importance of openness in trade and development. Conclusions are drawn on the significant disparities in average income levels across countries, emphasizing the challenges faced by low-income countries in achieving economic growth and prosperity.