Capitalism without capital
Subtitle: the rise of the intangible economy
By: Jonathan Haskel and Stian Westlake
Contributors: Westlake, Stian, author
Publisher: Princeton University Press
Published: 2018
Language: eng
Number of pages: 278
ISBN-13: 9780691175034
Subjects: Forecasting; Intangible property; Economic aspects; Economic forecasting; Capitalism
Description: "Early in the twenty-first century, a quiet revolution occurred. For the first time, the major developed economies began to invest more in intangible assets, like design, branding, R&D, and software, than in tangible assets, like machinery, buildings, and computers. For all sorts of businesses, from tech firms and pharma companies to coffee shops and gyms, the ability to deploy assets that one can neither see nor touch is increasingly the main source of long-term success. But this is not just a familiar story of the so-called new economy. Capitalism without Capital shows that the growing importance of intangible assets has also played a role in some of the big economic changes of the last decade. The rise of intangible investment is, Jonathan Haskel and Stian Westlake argue, an underappreciated cause of phenomena from economic inequality to stagnating productivity. Haskel and Westlake bring together a decade of research on how to measure intangible investment and its impact on national accounts, showing the amount different countries invest in intangibles, how this has changed over time, and the latest thinking on how to assess this. They explore the unusual economic characteristics of intangible investment, and discuss how these features make an intangible-rich economy fundamentally different from one based on tangibles. Capitalism without Capital concludes by presenting three possible scenarios for what the future of an intangible world might be like, and by outlining how managers, investors, and policymakers can exploit the characteristics of an intangible age to grow their businesses, portfolios, and economies."--Jacket flap.
Notes: Includes bibliographical references (pages 243-265) and index.
Table of contents: title: Introduction; title: The rise of the intangible economy. Capital's vanishing act ; How to measure intangible investment ; What's different about intangible investment? The four S's of intangibles; title: The consequences of the rise of the intangible economy. Intangibles, investment, productivity, and secular stagnation ; Intangibles and the rise of inequality ; Infrastructure for intangibles, and intangible infrastructure ; The challenge of financing an intangible economy ; Competing, managing, and investing in the intangible economy ; Public policy in an intangible economy : five hard questions ; Summary, conclusion, and the way ahead.