Capitalism without Capital by Jonathan Haskel
The Rise of the Intangible Economy

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Policies such as these are all well and good, but after putting down the book the reader is left with another sobering thought. The economy is becoming winner-take-all, and will become ever more so.
-The Economist

Synopsis

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.

 

About Jonathan Haskel

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Published November 7, 2017 by Princeton University Press. 288 pages
Genres: Business & Economics. Non-fiction
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The Economist

Above average
on Dec 14 2017

Policies such as these are all well and good, but after putting down the book the reader is left with another sobering thought. The economy is becoming winner-take-all, and will become ever more so.

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