Capital in Spain, 1850–2019

The rising trend in the capital-output ratio and productivity slowdown have put capital back economist’s agenda. This paper contributes to debate by providing new estimates of net stock services for Spain over last 170 years. (wealth) stock-GDP rose time doubled half a century. Capital grew fast long run accelerating 1920s from mid-1950s 2007. Until 1975, its acceleration was helped an increase “quality” capital. deepening proceeded steadily, during 1955–1985 slowing down thereafter expanding sectors attracted less investment-specific technological progress. Although consumption time, rate depreciation fell 1970 2007 as goods’ relative prices declined due embodied change.