The Problem with the COVID Convergence
One of the most surprising global trends to appear during the COVID-19 pandemic is a reduction of inequality across countries, owing to the disproportionate effects of the virus on richer countries. Unfortunately, there is little to celebrate when convergence reflects losses at the top instead of gains at the bottom.
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NEW HAVEN – There is broad agreement that the COVID-19 pandemic has exacerbated inequality within countries. Less frequently noted is the impact on inequality across countries, which has been moving in the opposite direction, owing to the disproportionate effect that the virus has had on advanced economies.