Galton's Fallacy and Economic Convergence.
The term 'Galton's fallacy' has more than one meaning. Usages of the term starting with Francis Galton are reviewed. Recently the term has been used to denote problems encountered when the neoclassical convergence model is tested in a cross-section of country GNP histories (Barrow-Baumol regressions). M. Friedman and D. Quah independently identify problems which they separately call Galton's fallacy. Friedman and Quah mean different things by the term. Once the nature of various Galton fallac...Expand abstract
- Oxford Economic Papers
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