CapitalismwithoutCapital_TheRiseoftheInt.epub

CAPITALISM WITHOUT CAPITAL CAPITALISM WITHOUT CAPITAL THE RISE OF THE INTANGIBLE ECONOMY Jonathan Haskel and Stian Westlake P RINCETON U NIVERSITY P RESS Princeton & Oxford Copyright © 2018 by Princeton University Press Published by Princeton University Press, 41 William Street, Princeton, New Jersey 08540 In the United Kingdom: Princeton University Press, 6 Oxford Street, Woodstock, Oxfordshire OX20 1TR press.princeton.edu Jacket images courtesy of iStock All Rights Reserved ISBN 978-0-691-17503-4 British Library Cataloging-in-Publication Data is available This book has been composed in Berling LT Std and Gotham Printed on acid-free paper. ∞ Printed in the United States of America 1 3 5 7 9 10 8 6 4 2 CONTENTS List of Illustrationsvii Acknowledgmentsix 1 Introduction1 Part I The Rise of the Intangible Economy 13 2 Capital’s Vanishing Act15 3 How to Measure Intangible Investment36 4 What’s Different about Intangible Investment? The Four S’s of Intangibles58 Part II The Consequences of the Rise of the Intangible Economy 89 5 Intangibles, Investment, Productivity, and Secular Stagnation91 6 Intangi......