List of Illustrations vii Acknowledgments ix 1 Introduction 1 Part I The Rise of the Intangible Economy 2 Capital's Vanishing Act 15 3 How to Measure Intangible Investment 36 4 What's Different about Intangible Investment? The Four S's of Intangibles 58 Part II The Consequences of the Rise of the Intangible Economy 5 Intangibles, Investment, Productivity, and Secular Stagnation 91 6 Intangibles and the Rise of Inequality 118 7 Infrastructure for Intangibles, and Intangible Infrastructure 144 8 The Challenge of Financing an Intangible Economy 158 9 Competing, Managing, and Investing in the Intangible Economy 182 10 Public Policy in an Intangible Economy: Five Hard Questions 208 11 Summary, Conclusion, and the Way Ahead 239 Notes 243 References 253 Index 267
Jonathan Haskel is professor of economics at Imperial College Business School. Stian Westlake is advisor to the UK Minister of Science and Innovation. Haskel and Westlake were cowinners of the 2017 Indigo Prize.
"Compelling.... Haskel and Westlake have mapped the economics of
a challenging new economy."
--Martin Wolf, Financial Times
"One of this year's most important and stimulating
economic reads.... Read this book."
--Tyler Cowen, Marginal Revolution
"For an introduction ... it would be hard to do better
than Capitalism without Capital, which is clear and lively and
raises--without having all the answers--the relevant
--Diane Coyle, Enlightened Economist
"The book makes its case in a lighthearted, conversational
way that will appeal to economists and non-economists alike."
"One of the year's most talked-about books."
--John Harris, The Guardian
"One of the Economist.com "Wise Words 2017 Books of the Year" in Economics and Business"
"One of Blackwell's Best of Non-Fiction 2017"
"One of Financial Times (FT.com) Best Books of 2017: Economics"
"Selected for Askblog's Books of the year 2017, chosen by Arnold Kling"
"The portion of the world's economy that doesn't fit the old
model just keeps getting larger. That has major implications for
everything from tax law to economic policy to which cities thrive
and which cities fall behind, but in general, the rules that govern
the economy haven't kept up. This is one of the biggest trends in
the global economy that isn't getting enough attention. If you want
to understand why this matters, the brilliant new book
Capitalism Without Capital by Jonathan Haskel and Stian
Westlake is about a good an explanation as I've seen."