Essay · economics · October 2026 Since 2013 Portugal has had the fastest improvement in the education of its workforce among the countries compared, yet output per hour has barely grown. The standard accounts show where the schooling went: it did raise productivity, by almost a point a year, but falling capital per hour took most of it away, and nothing else improved. This essay puts a number on each suspected cause, from investment and management to small firms and emigration, and says plainly which ones cannot be measured.
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