TY  - CHAP
TI  - Catching-up theory: Examining South Africa?s economic development
PB  - Aposztróf Kiadó
N2  - Economic convergence has attracted considerable interest since the 1980?s where researchers attempted to discern whether impoverished countries will continue to be so in the longer term or will they catch up and be the wealthy nations of tomorrow. Due to globalisation, this catching up phenomenon has received much attention in the past two decades and therefore attention is now being redirected to emerging economies. This paper sheds new light in this area from an African perspective as it comparatively analyses 39 countries: South Africa, and the 38 Organisation for Economic Cooperation and Development (OECD) members. Investigates their respective average steady state equilibriums, testing convergence patterns from 1980 to 2019. The requisite method for this investigation is the Solow-Swan model (1956) as its application formed the foundation of several fellow researchers investigating similar topics. Furthermore, the Sala-i-Martin (1996) derivative of ?-convergence and ?-convergence as a measurement to test convergence of regions and countries was also applied. To the best of this researcher?s knowledge, there is little to no empirical studies investigating the phenomena in an African context. Furthermore, the continents of Asia, Australasia, Central Eastern Europe, Europe, North America, and South America are represented in this group of countries. This will allow South Africa?s developmental performance to be plotted relative to a representative international benchmark. The analysis revealed that despite the level of technology available in each of the OECD countries, data of the collective average indicates that it is not being exploited to harness its full capability, therefore producing an output lower than its steady state equilibrium. However, the economic performance of South Africa is considerably lower, where the OECD average GDP per capita is more than double than that of the country. Furthermore, it will take South Africa approximately 67 years to reach the OECD average GDP per capita.
UR  - https://aposztrof.hu/images/stories/ebook/Economic_Diplomatic_and_Cultural_Challenges_final.pdf#page=101
SP  - 99
CY  - Budapest
AV  - public
ID  - publicatio34522
A1  -  Marais Stacey-Lee
Y1  - 2024///
SN  - 9789636250485
EP  - 112
T2  - Economic, diplomatic and cultural challenges
ER  -