Irish workers wasted their high incomes during the boom, says a new report from Davy Stockbrokers.
It says that while incomes remain high on an income per capita basis, Ireland itself is not a wealthy country.
Davy's economic report says that Ireland's capital stock, like roads, rail, school, hospitals and telecommunications, is inferior to other small euro area countries.
It says investment in Ireland was misallocated from 2000 to 2008 and that infrastructure now should be much better.
The report says that in the eight-year period, 63% of net investment in capital stock was in housing; housing, it says, is an unproductive asset.
Davy says upgrading road infrastructure boosted productivity by reducing journey times.
Underinvestment in the communications network is a concern, the report says.
Economist Rossa White says that Ireland's human capital is its greatest strength - that the country has the second highest number of graduates in the 25-34 age group, and that investment in education must remain a priority.
