El Creixement de l'economia de Catalunya: una visió de llarg termini

The acceptance speech of the 1997 Catalan Economics Prize winner explains the regional
methodology used to analyse the growth of Catalonia during the last forty years in his book
Capitalisation and Growth of the Catalan Economy 1955-1995. Despite sharp industrial and energy cicles, the growth rate has been the most impressive and beneficial in welfare terms in
the whole history of industrial capitalism. A Catalan who started working in 1955 and retired
in 1995 would have seen his real income multiply by 2.5 while a Catalan who started working
in 1590 and retired in 1930 would only have increased his income only by 0.5 and with a lower
life expectancy as well. Income diferentials with industrialised countries are far less today, with
1% pet year higher growth than the European average and income now at 95% of the European
Ievel. Value Added has multiplied by five and represents 20% of Spanish output , averaging 4%
growth per year, with a more pronounced cycle than Spain as a whole but with income one third
higher and net immigr'ation of over one million. Catalonia has gene rated 0.64% net employment
per year in contrast to 0.06% in the rest of Spain. Private capital stock has quadrupled, with
investment concentrated in high and medium growth industries. Private investment represents
90% of total investment while the historical deficit in public investment continues, four points
below the population weight of Catalonia in Spain. The growth prospects, both internally and
externally, are very favourable for Catalonia.