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.
"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."-Bill Gates
"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 questions."-Diane Coyle, Enlightened Economist
"The book makes its case in a lighthearted, conversational way that will appeal to economists and non-economists alike."-The Economist
"One of the year's most talked-about books."-John Harris, The Guardian