Irish workers wasted their high incomes during the boom, and while incomes remain high on an income per capita basis Ireland itself is not a wealthy country.
An economic report by stockbrokers Davy says that Ireland's capital stock - like roads, rail, school, hospitals and telecommunications - is inferior to other small euro area countries like Finland or Belgium.
It says investment here 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 and was the country's 'greatest triumph' in the period under view.
However, the stockbrokers add that under-investment in the communications network is a concern, and unless there is a reinvestment productivity will suffer.
Economist Rossa White says that Ireland's human capital is its greatest strength. He says the country has the second highest number of graduates in the 25-34 age group, and that investment in education must remain a priority.
