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Capitalism Without Capital
288 pages, 2017
In 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, in a reversal of a previous trend, the major developed economies began to invest more in intangible assets—design, branding, R&D, and software—than in tangible assets, like machinery, buildings, and computers.
The growing importance of intangible assets 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 not only for phenomena from economic inequality to stagnating productivity but also for rising global inequality and slow growth worldwide.
In 'Capitalism Without Capital', Jonathan Haskel explores the concept of intangible assets. These are non-physical assets like software, data, and intellectual property. He argues that these assets are now more valuable than physical ones, like buildings or machinery. This shift has significant implications for our economy and society.
Haskel's book takes a deep look into the rise of the intangible economy. He explains how the economy has shifted from one based on physical assets to one based on intangible assets. This shift has led to a new form of capitalism, one without capital in the traditional sense.
Haskel's research in 'Capitalism Without Capital' shows that the rise of the intangible economy has profound implications. It affects everything from inequality to the pace of innovation. For example, intangible assets are more scalable and have more synergies than tangible ones, leading to winner-takes-all dynamics.
One key takeaway from 'Capitalism Without Capital' is the difficulty of measuring the intangible economy. Traditional economic measures, like GDP, struggle to capture the value of intangible assets. Haskel suggests that we need new ways to measure and understand our economy.
In his book, Haskel also digs into the policy implications of the intangible economy. He argues that governments need to rethink their policies to better accommodate this new form of capitalism. This includes everything from taxation to education and competition policy.
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Capitalism Without Capital opens our eyes to the unseen, yet critical, part of our economy - intangible assets. It's a fascinating read.
Bill Gates - Microsoft Co-founderThis book offers a groundbreaking exploration of the importance of intangible assets in today's economy. It's a must-read for anyone interested in understanding the modern economy.
Martin Wolf - Financial JournalistCapitalism Without Capital is a compelling and comprehensive analysis of how our economy is increasingly driven by intangible assets.
Diane Coyle - Economics ProfessorThis book provides a new perspective on the shift to a digital economy, and its profound implications. It's a thought-provoking read.
Hal Varian - Google's Chief EconomistCapitalism Without Capital is a deep dive into the economic shift towards intangible assets. It's a crucial read for understanding this new economic landscape.
Tim Harford - Economist, JournalistRecommendations
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