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Growth Recurring in a Preindustrial Economy

In: A Millennial View of Spain’s Development

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  • Leandro Prados de la Escosura

    (Carlos III University of Madrid)

Abstract

On the basis of new yearly estimates of output and population, Spain’s economic performance from the late thirteenth century to mid-nineteenth century can be shown to be a succession of growing and shrinking phases without long-term net gains in average income. The simultaneous behaviour of per capita income and population is consistent with the existence of a frontier economy in which natural resources are abundant and population scarce, and precludes a Malthusian interpretation. A long phase of sustained growth and lower inequality ended in the 1570s and gave way to another period of sluggish growth and higher inequality. Growth and decline and long-term stagnation are explained by individual and collective economic decisions under institutional constraints.

Suggested Citation

  • Leandro Prados de la Escosura, 2024. "Growth Recurring in a Preindustrial Economy," Frontiers in Economic History, in: A Millennial View of Spain’s Development, chapter 0, pages 27-90, Springer.
    • Handle: RePEc:spr:frochp:978-3-031-60792-9_2
    DOI: 10.1007/978-3-031-60792-9_2
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