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Fernando Pérez de Gracia , Professor of the School of CC. Economics and Business Administration, University of Navarra

Sustainable economic growth

Thu, 18 Mar 2010 10:21:30 +0000 Published in Navarra Newspaper

The Autonomous Community of Navarra is among the Spanish and European regions with the highest per capita income. According to the latest data provided by the Spanish Regional Accounts of the National Statistics high school , the Gross Domestic Product per inhabitant in Navarre was 30,402 euros (measured in 2008 euros), well above the average of Spain, which reached 23,874 euros, and the average of the European Union - 27, which was 25,100 euros. In 2008, Navarre's GDP per capita was only surpassed by those of the Basque Country and Madrid. However, the current welfare status is not something new, since the first statistical records at regional level corresponding to the year 1955 reflect a superiority of per capita income in Navarre compared to that of Spain average . The excellent level of economic welfare has been maintained for more than five decades, and has allowed Navarre to be among the first regions of Spain in terms of Gross Domestic Product per capita.

A recent study graduate Claves de la Economics y la business de Navarra (Centro para la Competitividad de Navarra e Institución Futuro, nº 4, 2010) analyzes in its first chapter what have been the main determinants of the sustained growth of Navarra's Economics in the last five decades, identifying the factors core topic that have allowed it to rank among the three Spanish regions with the highest level of income per inhabitant.

The economic growth of the region in recent decades has been based on three pillars: the sustained accumulation of physical, technological and human capital. Firstly, it is important to highlight the significant and positive effect of the stock of physical capital in the Navarrese Economics . A more detailed analysis of the contribution of each of the components of this physical capital indicates that it is investment in capital goods (and not so much investment in housing or infrastructure) that has been the engine of economic growth in the region. B Secondly, it is worth noting the innovative effort made by both the private and public sectors, which has placed Navarra among the leading Spanish regions in terms of investment in research and development. The indicators analyzed show that the impact of investment in research and development on economic growth is reinforced by its interaction with the stock of physical capital invested in capital goods.

Finally, the accumulation of human capital (approximated in the aforementioned report by the growth rate of the percentage of the population with programs of study medium and higher education) has had a significant and double effect on the growth rate of the Economics Navarra: in addition to the direct effect on growth, a positive interaction effect has also been found with the investment in physical capital, that is, the investment in human capital makes the investment in capital goods more productive.

At summary, investment is a key determinant of future economic well-being and today's investment is tomorrow's growth. sample The lesson from the history of the last five decades in Navarra is the following: the best investment to boost growth is both productive investment in capital goods and investment in human capital. At a time like the present, we must not forget this important lesson from history: sustained growth in Navarre depends on "investment" and not so much on other components.