Productivity Growth

Leandro Prados de la Escosura ()

Chapter Chapter 4 in A Millennial View of Spain’s Development, 2024, pp 149-196 from Springer

Abstract: Abstract This chapter assesses long-term productivity growth and its immediate determinants in Spain. Over the last 170 years, output per hour worked dominated GDP growth, while hours worked per person shrank by one-quarter and population trebled. Half of labour productivity growth resulted from capital deepening and one-third from efficiency gains (total factor productivity). Labour productivity proceeded steadily, accelerating during the 1920s and from the mid-1950s to the late 1980s, but decelerated thereafter as capital deepening slowed down and TFP stagnated due to the fact that expanding sectors attracted less investment-specific technological progress, largely a result of institutional constraints.

Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:spr:frochp:978-3-031-60792-9_4

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DOI: 10.1007/978-3-031-60792-9_4

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