Garcimartín, Carlos; Alonso, José Antonio; Rivas, Luis - In: Journal of Post Keynesian Economics 36 (2014) 3, pp. 555-585
Broadly speaking, the balance-of-payments-constraint hypothesis as developed by Thirlwall (1979) has been empirically supported. Yet, it fails to interpret correctly the necessary conditions for convergence. Although the neoclassical explanation of economic growth is not necessarily the correct...