Supply and Use of Human Capital in the Spanish Regions

Abstract

Besides enrichment at personal level entailed by the increase in the cognitive and intellectual levels of the person associated with education, a large number of studies have verified the greater the human capital of a person, the greater is his employability, his participation in the labour market, his functional and geographical mobility and, thereby, his productivity. This results in higher wages and less likelihood of unemployment for individuals with more schooling. From the social point of view, the accumulation of resources associated to higher educational attainment levels permits societies to make sustained progress towards higher levels of welfare. It makes possible to adapt to globalised environments, which are progressively changing and specialise more rapidly and less traumatically in the more productive sectors. The industries which grow faster and create more added value are precisely the most intensive as regards human capital. In recent decades, Spanish society has undergone substantial transformations. Attention is usually drawn to the important political and economic transformations. However, we must not forget other areas where Spanish society has made important progress, such as the improvements in education. It is true that this progress is the direct consequence of the economic and social progress of the country, but it is also true that the improvements in education has been one of the factors which has promoted this social and economic progress. Naturally, to a large extent, these improvements are the combined result of the decisions of the families and the efforts made by them in this area. However, the education policies laid down throughout recent decades by the national and regional governments in this area have also been decisive.