摘要：We construct series of average years of schooling for Spain and its regions using census data, analyze the effects of education on regional productivity and estimate the social returns to schooling in each territory. The results are used, together with estimates of the returns to alternative assets, to draw some tentative conclusions regarding the adequacy of the aggregate investment patterns observed in the regions of Spain, and to identify changes in the design of national and EU cohesion and growth policies that may help enhance their effectiveness.
