The article evaluates the Spanish economy from 1954 to 2001 from the standpoint of capital profitability. The profit rate combines a cyclical behavior caused by evolution of income distribution and a downward trend caused by increase in capital composition. Increase in capital composition is caused by mechanization of the economy, while the evolution of income distribution is conditioned by a particular performance of real wages. JEL classification: P-17, E-11, J-30
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Sergio Cámara Izquierdo (2007) studied this question.