Capitalism without Capital

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, or 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.

About the author

Jonathan Haskel is professor of economics at Imperial College Business School. Stian Westlake is a senior fellow at Nesta, the UK’s national foundation for innovation. Haskel and Westlake are cowinners of the 2017 Indigo Prize.

Summary

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, or software, than in tangible assets, like machinery, buildings, and computers. F

Report

"This fascinating book examines an important but overlooked subject - the intangible nature of capital and activity in the modern economy. The transformation of the intangible economy has rarely been pointed out, and its implications are not much understood or discussed. There are no other books similar to this one."--Diane Coyle, author of GDP: A Brief but Affectionate History

Product details

• Authors: Jonathan Haskel, Haskel Jonathan, Stian Westlake, Westlake Stian
• Publisher: Princeton University Press
• Languages: English
• Product format: Hardback
• Released: 17.10.2017
• EAN: 9780691175034
• ISBN: 978-0-691-17503-4
• No. of pages: 288
• Dimensions: 162 mm x 240 mm x 28 mm
• Subjects: Social sciences, law, business > Business > Economics; Economics, BUSINESS & ECONOMICS / Organizational Behavior, BUSINESS & ECONOMICS / Economics / General, BUSINESS & ECONOMICS / Economic History, BUSINESS & ECONOMICS / Development / Business Development, Economic history, Business innovation, Organizational theory & behaviour, business strategy, Organizational theory and behaviour, BUSINESS & ECONOMICS / Free Enterprise & Capitalism, Research and development management