This note explores the association existing between the relevance of tourism in an economy and the level of economic development attained. Using the Human Development Index (HDI) as a development measure and data on tourism's contribution to GDP and employment in Spanish regions in 2021, we analyze this relationship to determine its functional form. Our analysis suggests a Ushaped relationship, implying minimum thresholds to deviate from in order to foster a balanced and diversified economic activity mix in the region. It's important to note that the obtained results do not imply causation but rather underscore the observed association between the variables under scrutiny.

Germán Bernácer, a Spanish economist of the early 20th century, proposed in his 1925 book Interés del capital. El problema de sus orígenes that the interest rate’s origin is external to the regular functioning of the economic system. He attributed it to the income generated by “income goods.” This study examines the plausibility of Bernácer’s hypothesis using up-to-date data from the Spanish economy.