Capitalism Without Capital : The Rise of the Intangible Economy

**The first comprehensive account of the growing dominance of the intangible economy** 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. 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. Part I. 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 -- Part Ii. 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 And 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. Jonathan Haskel And Stian Westlake. Includes Bibliographical References And Index. "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 "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, 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"--Page 4 of cover This text discusses the growing importance of intangible assets and the role it has played in some of the big economic changes of the last decade. The authors argue that the rise of intangible investment is an underappreciated cause of phenomena from economic inequality to stagnating productivity. The authors 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 thinking on how to assess this. This text explores the economic characteristics of intangible investment, and discuss how these features make an intangible-rich economy fundamentally different from one based on tangibles. The text 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