A key insight of international economics is that there should be “convergence” between rich countries and poor countries, which is just another way of saying that low-income nations – all other things being equal – should grow faster than high-income nations and eventually attain the same level of prosperity.
The theory is sound, but it’s very important to focus on the caveat about “all other things being equal.” As I explain in this interview from my last trip to Australia, countries with bad policy will grow slower than nations that follow the right policies.
When I discuss convergence, I often share the data on Hong Kong and Singapore because those jurisdictions have caught up to the United States. But I make sure to explain that the convergence was only possible because of good policy.
I also share the data showing that Europe was catching up to…
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Utopia, you are standing in it! 
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