La productividad en las economías desarrolladas: el desigual impacto de la crisis

The paper addresses the problem posed by the productivity in Spain from an international perspective. It analyzes the behavior followed by 25 EU countries, United States and Japan during the expansion years 1995-2007 and the following four years of crisis. It argues that the sluggish productivity growth during the expansion is not to be blamed only on the construction industry since it was a general phenomenon shared by almost all economic sectors. Its origin must be found in the great effort undertaken in capital accumulation related with real estate together with a generalized loss of efficiency.