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1、ECONOMICCONVERGENCE:EVIDENCEFROMCOUNTIESINVIRGINIAC.BarryPfitzner,DepartmentofEconomicsandBusiness,Randolph-MaconCollegeAshland,VA23005,(804)752-7307,bpfitzne@rmc.eduStevenD.Lang,DepartmentofEconomicsandBusiness,Randolph-MaconCollegeAshland,VA23005,(804)752-73
2、56,slang@rmc.eduDavidA.Brat,DepartmentofEconomicsandBusiness,Randolph-MaconCollegeAshland,VA23005,(804)752-7356,dbrat@rmc.eduEconomicsTrack21ECONOMICCONVERGENCE:EVIDENCEFROMCOUNTIESINVIRGINIAECONOMICSTRACKABSTRACTThispaperappliestheempiricalmethodologyfortesti
3、ngforconvergenceofincomesacrossthecountiesandindependentcitiesinVirginia.DecennialdatafromtheBureauoftheCensusonrealpersonalincomepercapitafor124geographicareaswithintheCommonwealthareusedtotestfortwotypesofincomeconvergenceoverthe1959-1999timespan.Theresultsi
4、ndicatethatbothbetaandsigmaconvergenceoccurredacrosstheregionsforthefullperiod,buttherewasatenyearsub-period(the1980s)overwhichneithermeasureofconvergencewasevident.Thepaperalsotestsforconditionalconvergencebycontrollingforbotheducationalattainmentandpatentpro
5、ductionbydivision.21INTRODUCTIONItisanobviousempiricalfactthatsomeregions(heremeasuredbycountiesandcities)intheCommonwealthofVirginiaarepoorerthanothers.Itisalsoafactthatcountiesandcities1inVirginiaexperiencedifferentratesofeconomicgrowth.Thesefactsraiseatleas
6、ttwoimportantquestions.First,arecountiesandcitiesthatareinitiallypoorerthanotherssomehowdestinedtoremainso?Or,aretheinitiallypoorercountieslikelytocatchuptothericherones?Asecondrelatedquestioniswhetherthedegreeofincomeinequalityacrosscountiesincreasesordecreas
7、esovertime,thatis,shouldwefindthatthegapsinpercapitaincomesbetweenthericherandpoorercountiesdiminishorincrease(orremainthesame)overtime?WeattempttoprovideempiricalanswerstothesequestionsbyapplyingstandardgrowthanalysisfocusingonregionsintheVirginiaeconomy.Mode
8、rnGrowthTheoryandConvergenceModerngrowththeory,basedonneoclassicalmodelsintroducedbyRamsey[6],Solow[9],andSwan[10],haslentitselfinrecentyearstowideapplicationinempiricalestimations
