IDEAS home Printed from https://ideas.repec.org/p/cte/whrepe/wp08-07.html
   My bibliography  Save this paper

Long-run Estimates of Physical Capital in Spain, 1850-2000

Author

Listed:
  • Prados de la Escosura, Leandro
  • Rosés, Joan R.

Abstract

In this paper, new series of Spain’s capital stock and input are constructed for the last one-and-a-half centuries. Capital stock and input grew at average rates of 3.5 and 3.7 percent per year but not at a steady pace since rates accelerated dramatically during the ‘Golden Age’. Two major structural changes accompanied this process. Composition of capital stock and remuneration changed gradually as the contribution of productive capital rose while that of structures declined. Spanish economy experienced capital deepening in the long-run. Although the capital-output ratio increased over time, in phases of accelerated growth the productivity of capital rose.

Suggested Citation

  • Prados de la Escosura, Leandro & Rosés, Joan R., 2008. "Long-run Estimates of Physical Capital in Spain, 1850-2000," IFCS - Working Papers in Economic History.WH wp08-07, Universidad Carlos III de Madrid. Instituto Figuerola.
    • Handle: RePEc:cte:whrepe:wp08-07
    as

    Download full text from publisher

    File URL: https://e-archivo.uc3m.es/rest/api/core/bitstreams/e6f2d565-ae1c-49ff-846d-5e94bc646ecb/content
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Calvo-Gonzalez, Oscar, 2007. "American Military Interests and Economic Confidence in Spain under the Franco Dictatorship," The Journal of Economic History, Cambridge University Press, vol. 67(3), pages 740-767, September.
    2. Paul A. David & Gavin Wright, "undated". "General Purpose Technologies and Surges in Productivity: Historical Reflections on the Future of the ICT Revolution," Working Papers 99026, Stanford University, Department of Economics.
    3. Michael D. Bordo, 1995. "The Gold Standard as a `Good Housekeeping Seal of Approval'," NBER Working Papers 5340, National Bureau of Economic Research, Inc.
    4. Barry P. Bosworth & Susan M. Collins, 2003. "The Empirics of Growth: An Update," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 34(2), pages 113-206.
    5. Paul A. David & Gavin Wright, "undated". "General Purpose Technologies and Surges in Productivity: Historical Reflections on the Future of the ICT Revolution," Working Papers 99026, Stanford University, Department of Economics.
    6. Robert J. Gordon, 1999. "U.S. Economic Growth since 1870: One Big Wave?," American Economic Review, American Economic Association, vol. 89(2), pages 123-128, May.
    7. Dale W. Jorgenson, 1991. "Productivity and Economic Growth," NBER Chapters, in: Fifty Years of Economic Measurement: The Jubilee of the Conference on Research in Income and Wealth, pages 19-118, National Bureau of Economic Research, Inc.
    8. Matilde Mas & Francisco Pérez & Ezequiel Uriel, 2000. "Estimation Of The Stock Of Capital In Spain," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 46(1), pages 103-116, March.
    9. Mas, Matilde & Perez, Francisco & Uriel, Ezequiel, 2000. "Estimation of the Stock of Capital in Spain," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 46(1), pages 103-116, March.
    10. Alwyn Young, 1995. "The Tyranny of Numbers: Confronting the Statistical Realities of the East Asian Growth Experience," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 110(3), pages 641-680.
    11. Paul A. David, 2005. "Two Centuries of American Macroeconomic Growth From Exploitation of Resource Abundance to Knowledge-Driven Development," Macroeconomics 0502021, University Library of Munich, Germany.
    12. Nicholas Kaldor, 1961. "Capital Accumulation and Economic Growth," International Economic Association Series, in: D. C. Hague (ed.), The Theory of Capital, chapter 0, pages 177-222, Palgrave Macmillan.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Pierre van der Eng, 2009. "Capital formation and capital stock in Indonesia, 1950-2008," Bulletin of Indonesian Economic Studies, Taylor & Francis Journals, vol. 45(3), pages 345-371.
    2. Prados de la Escosura, Leandro & Rosés, Joan R., 2008. "Proximate causes of economic growth in Spain, 1850-2000," IFCS - Working Papers in Economic History.WH wp08-12, Universidad Carlos III de Madrid. Instituto Figuerola.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Prados de la Escosura, Leandro & Rosés, Joan R., 2008. "Proximate causes of economic growth in Spain, 1850-2000," IFCS - Working Papers in Economic History.WH wp08-12, Universidad Carlos III de Madrid. Instituto Figuerola.
    2. Rinaldo Evangelista, 2018. "Technology and Economic Development: The Schumpeterian Legacy," Review of Radical Political Economics, Union for Radical Political Economics, vol. 50(1), pages 136-153, March.
    3. Nicholas Crafts & Pieter Woltjer, 2021. "Growth Accounting In Economic History: Findings, Lessons And New Directions," Journal of Economic Surveys, Wiley Blackwell, vol. 35(3), pages 670-696, July.
    4. Prados de la Escosura, Leandro & Rosés, Joan R., 2010. "Human capital and economic growth in Spain, 1850-2000," Explorations in Economic History, Elsevier, vol. 47(4), pages 520-532, October.
    5. Rinaldo Evangelista, 2015. "Technology, development and economic crisis: the Schumpeterian legacy," Working Papers 23, Birkbeck Centre for Innovation Management Research, revised Jun 2015.
    6. Daniel Gallardo‐Albarrán & Robert Inklaar, 2021. "The Role Of Capital And Productivity In Accounting For Income Differences Since 1913," Journal of Economic Surveys, Wiley Blackwell, vol. 35(3), pages 952-974, July.
    7. Chad Turner & Robert Tamura & Sean Mulholland, 2013. "How important are human capital, physical capital and total factor productivity for determining state economic growth in the United States, 1840–2000?," Journal of Economic Growth, Springer, vol. 18(4), pages 319-371, December.
    8. Kerstin Enflo & Per Hjertstrand, 2009. "Relative Sources of European Regional Productivity Convergence: A Bootstrap Frontier Approach," Regional Studies, Taylor & Francis Journals, vol. 43(5), pages 643-659.
    9. Studer, Roman, 2008. "India and the Great Divergence: Assessing the Efficiency of Grain Markets in Eighteenth- and Nineteenth-Century India," The Journal of Economic History, Cambridge University Press, vol. 68(2), pages 393-437, June.
    10. Mark Knell & Simone Vannuccini, 2022. "Tools and concepts for understanding disruptive technological change after Schumpeter," Jena Economics Research Papers 2022-005, Friedrich-Schiller-University Jena.
    11. Douglas Gollin, 2002. "Getting Income Shares Right," Journal of Political Economy, University of Chicago Press, vol. 110(2), pages 458-474, April.
    12. Andrew Atkeson & Patrick J. Kehoe, 2002. "The transition to a new economy after the Second Industrial Revolution," Proceedings, Federal Reserve Bank of San Francisco, issue Nov.
    13. James Riedel, 2007. "The Tyranny of Numbers or the Tyranny of Methodology: Explaining the East Asian Growth Experience," Annals of Economics and Finance, Society for AEF, vol. 8(2), pages 385-396, November.
    14. Kevin S. Nell & Maria M. De Mello, 2019. "The interdependence between the saving rate and technology across regimes: evidence from South Africa," Empirical Economics, Springer, vol. 56(1), pages 269-300, January.
    15. Leandro Prados de la Escosura & Joan R. Rosés, 2021. "Accounting For Growth: Spain, 1850–2019," Journal of Economic Surveys, Wiley Blackwell, vol. 35(3), pages 804-832, July.
    16. Gaggl, Paul & Gray, Rowena & Marinescu, Ioana & Morin, Miguel, 2021. "Does electricity drive structural transformation? Evidence from the United States," Labour Economics, Elsevier, vol. 68(C).
    17. Kirk Hamilton & Giovanni Ruta & Liaila Tajibaeva, 2006. "Capital Accumulation and Resource Depletion: A Hartwick Rule Counterfactual," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 34(4), pages 517-533, August.
    18. Capolupo, Rosa, 2009. "The New Growth Theories and Their Empirics after Twenty Years," Economics - The Open-Access, Open-Assessment E-Journal (2007-2020), Kiel Institute for the World Economy (IfW Kiel), vol. 3, pages 1-72.
    19. Jacob Weisdorf & Paul Sharp, 2009. "From preventive to permissive checks: the changing nature of the Malthusian relationship between nuptiality and the price of provisions in the nineteenth century," Cliometrica, Journal of Historical Economics and Econometric History, Association Française de Cliométrie (AFC), vol. 3(1), pages 55-70, January.
    20. repec:oxf:wpaper:69.2 is not listed on IDEAS
    21. Koopman, Eline & Wacker, Konstantin M., 2023. "Drivers of growth accelerations: What role for capital accumulation?," World Development, Elsevier, vol. 169(C).

    More about this item

    Keywords

    Capital stock and input;

    JEL classification:

    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
    • N13 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Europe: Pre-1913
    • N14 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Europe: 1913-
    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:cte:whrepe:wp08-07. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Ana Poveda (email available below). General contact details of provider: http://portal.uc3m.es/portal/page/portal/instituto_figuerola .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.