In mid-2000s, a quiet revolution occurred. For the first time, American businesses began to invest more in intangible assets (such as design, branding, R&D or software) than tangible assets (machinery, buildings and computers), a trend that has been mirrored in other rich countries.
In Capitalism without Capital, Jonathan Haskel and Stian Westlake bring together a decade of research on how to measure intangible investment and what its impacts are. They argue that the rise of intangible investment is an underappreciated cause of some of the greatest economic concerns of our time, including increasing economic inequality and stagnating productivity levels.
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