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Productivity Growth

In: A Millennial View of Spain’s Development

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  • Leandro Prados de la Escosura

    (Carlos III University of Madrid)

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.

Suggested Citation

  • Leandro Prados de la Escosura, 2024. "Productivity Growth," Frontiers in Economic History, in: A Millennial View of Spain’s Development, chapter 0, pages 149-196, Springer.
    • Handle: RePEc:spr:frochp:978-3-031-60792-9_4
    DOI: 10.1007/978-3-031-60792-9_4
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