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Proximate causes of economic growth in Spain, 1850-2000

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  • Leandro Prados de la Escosura

    ()

  • Joan R. Rosés

    ()

Abstract

Between 1850 and 2000, Spain’s real output and labor productivity grew at average rates of 2.5 and 2.1 percent. The sources of this long-run growth are investigated here for the first time. Broad capital accumulation and efficiency gains appear as complementary in Spain’s long-term growth. Factor accumulation dominated long-run growth up to 1950, while total factor productivity led thereafter and, especially, during periods of growth acceleration. The main spurts in TFP and capital coincide with the impact of the railroads (1850s-80), the electrification (the 1920s and 1950s) and to the adoption of new vintage technology during the Golden Age.

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Bibliographic Info

Paper provided by Universidad Carlos III, Departamento de Historia Económica e Instituciones in its series Working Papers in Economic History with number wp08-12.

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Date of creation: Jun 2008
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Handle: RePEc:cte:whrepe:wp08-12

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Keywords: Total factor productivity; Factor accumulation; Spain;

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