Galton's Fallacy and economic convergence: a reply to Cannon and Duck

摘要

I am grateful to Cannon and Duck (2000) for the comment on my paper (Bliss, 1999). I concede that my discussion of Friedman's trick of turning round a growth regression is not accurate. However I contend that while Friedman (1992) and Cannon and Duck are absolutely correct to maintain that growth regressions Do not tell us whether there is σ-convergence, or not, their own suggested Amendments to the existing procedures do not help to push the argument forward.