| Abstract |
Recently a new set of sophisticated econometric and statistical methods, as non-linear panel data, spatial models, cointegration, unit root tests and so on, have been bringing back the classic discuss...ion about economic development process. In this paper we discuss about the classical, new literature and empirical applications made about two main viewpoints. Firstly, the process of development for the developing countries toward their objective of being high-income countries and the trouble they face known as Middle-Income Trap (MIT, hereinafter). The second one, the development process inside countries toward the unique steady state. In this sense, we discuss the literature related with regional convergence and its variations. The intent of these two viewpoints is the relevance for the growth and development economic literature related to the catch up process that economic units might have through them. Countries try to reach a certain income level, close the gaps between them but some of them face difficulties on that process. Regions are not different, they also try to close gaps between them. To sum up, the main objective of this survey is to show the literature discussion about these two viewpoints of development process amongst countries and amongst regions under two different perspectives and levels of the same problem, close gaps between economic units.show more
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