Capitalism without Capital: The Rise of the Intangible EconomyEarly 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, and software, than in tangible assets, like machinery, buildings, and computers. For all sorts of businesses, 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 larger economic changes of the past decade, including the growth in economic inequality and the stagnation of productivity. Jonathan Haskel and Stian Westlake explore the unusual economic characteristics of intangible investment and discuss how an economy rich in intangibles is fundamentally different from one based on tangibles. Capitalism without Capital concludes by outlining how managers, investors, and policymakers can exploit the characteristics of an intangible age to grow their businesses, portfolios, and economies. |
Contents
Introduction | 1 |
The Rise of the Intangible Economy | 13 |
How to Measure Intangible Investment | 36 |
Whats Different about Intangible Investment? | 58 |
The Consequences of the Rise | 89 |
Intangibles and the Rise of Inequality | 118 |
Infrastructure for Intangibles and Intangible | 144 |
The Challenge of Financing an Intangible Economy | 158 |
Competing Managing and Investing in | 182 |
Summary Conclusion and the Way Ahead | 239 |
| 253 | |
| 267 | |
Other editions - View all
Capitalism without Capital: The Rise of the Intangible Economy Jonathan Haskel,Stian Westlake Limited preview - 2017 |
Capitalism Without Capital: The Rise of the Intangible Economy Stian Westlake No preview available - 2018 |
Capitalism Without Capital: The Rise of the Intangible Economy Jonathan Haskel,Stian Westlake No preview available - 2018 |
Common terms and phrases
bank benefits Bodypump brand building business investment chapter characteristics of intangibles cities companies company’s computers Corrado costs create database decades developed countries economists Edward Glaeser effect employees EpiPen example Facebook factor productivity Figure firms funding gible harder Hulten ideas important income increase industry inequality infrastructure inputs institutions intangible assets intangible economy intangible investment intellectual property investment in intangibles investors knowledge labor less look managers measure ment national accounts norms OECD open innovation organizational output patent Patent trolls Paul Romer percent Peter Thiel problem productivity growth profits rich rise of intangibles Ruritania scalability scale sector secular stagnation seems sell share shareholders smartphones social spending spillovers synergies tangible assets tangible investment things tion types United valuable venture capital vestment wealth workers