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The Spanish paradox: demand growth with productivity stagnation Cárdenas Del Rey, Luis Fernández Sánchez, Rafael E12 E22 E24 Spanish economic growth Productivity Investment Productive structure Kaldor-Verdoorn Okun’s law Economía 53 Ciencias Económicas Purpose: This paper studies one of the most paradoxical facts of the Spanish economic growth during the period 1982–2007: high growth of investment and aggregate demand accompanied by the stagnation of labor productivity, especially from 1994. Design/methodology/approach: The authors propose two hypotheses: first, that the productive structure neutralized the mechanisms that link investment with productivity, essentially due to the low capital efficiency of the job-creating sectors (JCs); and consequently, investment drove production almost exclusively through employment, generating a trade-off between employment and productivity. Findings: The econometric results find evidence in favor of both hypotheses applying a time-series methodology (ARIMA) to EU KLEMS data for a period of 25 years and 25 industries of the Spanish economy. Originality/value: The first contribution of this paper is to offer an interpretation of the phenomenon from a perspective that combines elements of productive supply and aggregate demand, representing a novel contribution to the specialized literature. In addition, the authors show how the Kaldor-Verdoorn law could be neutralized due to employment creation (Okun's law) and the presence of a productivity-employment trade-off. Depto. de Economía Aplicada, Pública y Política Fac. de Ciencias Políticas y Sociología TRUE pub 2024-02-01T19:39:28Z 2024-02-01T19:39:28Z 2020-08-06 journal article VoR https://hdl.handle.net/20.500.14352/98010 0144-3585 10.1108/JES-10-2019-0459 eng Cárdenas del Rey, L., & Fernandez-Sanchez, R. (2020). The Spanish paradox: demand growth with productivity stagnation. Journal of Economic Studies, 48(4), 786-803. https://doi.org/10.1108/JES-10-2019-0459 Attribution-NonCommercial-NoDerivatives 4.0 International http://creativecommons.org/licenses/by-nc-nd/4.0/ restricted access application/pdf