Capitalism Without Capital

Jonathan Haskel and Stian Westlake

Gross Domestic Product (GDP), introduced in the 1930s to measure economic output during the Great Depression, initially excluded intangible investments like design and branding, focusing instead on physical assets. Over time, advanced economies have begun incorporating intangibles such as software and research into GDP calculations, though gaps remain, as seen in the UK’s omission of market research and branding. Intangible investments, which surpassed physical investments in the US and UK during the 1990s, are reshaping economies due to their scalability and spillover effects. Unlike tangible assets, intangibles like software or brand value can be used repeatedly without depletion, enabling rapid business growth but also fostering market concentration, as seen with tech giants like Google. Financing intangible-heavy businesses is challenging due to their lack of collateral value, making them vulnerable during economic downturns. Spillovers, where competitors benefit from shared ideas or employee expertise, highlight the need for stronger intellectual property protections while also fostering synergies that drive innovation. The rise of intangible assets has widened income and wealth inequality, with high-paying roles concentrated in intangible-driven industries and property values soaring in cities like San Francisco. Adapting to this economic shift requires investments in adult education, innovative financial strategies, and increased government funding for research and development to address underinvestment risks. Policymakers must embrace the unique dynamics of the intangible economy to ensure sustainable growth and equitable opportunities.

19 min

9 Bite

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De quoi s'agit-il ?

The book delves into the transformative rise of the intangible economy, exploring how assets like software, brand equity, and intellectual property are reshaping global markets. It examines the unique characteristics of intangible investments, their scalability, and their impact on industries, competition, and economic inequality. Through engaging examples and insightful analysis, the narrative highlights the challenges and opportunities posed by this shift, urging policymakers and businesses to adapt to this new economic reality.

Résumé du livre

Jonathan Haskel, a member of the Monetary Policy Committee of the Bank of England, is an economics professor at London’s Imperial College Business School. Stian Westlake, formerly the head of science-and-innovation think tank NESTA, currently serves as advisor to the UK government’s minister for universities, science, research and innovation.

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Toutes les bouchées

9 Bites

Unseen Wealth: The Rise of Intangible Assets

Redefining Value: The Rise of Intangible Economies

Scalable Assets: The Power of Intangibles

Financing Challenges in an Intangible Economy

Navigating Spillovers in the Intangible Economy

Synergies Shaping the Intangible Economy

Intangible Economies: Shaping Wealth and Inequality

Powering Progress: Navigating the Intangible Economy

Bridging the Investment Gap in the Intangible Economy

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