CapitalismwithoutCapital_TheRiseoftheInt.epub - (EPUB全文下载)
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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
Intangibles and the Rise of Inequality118
7
Infrastructure for Intangibles, and Intangible Infrastructure144
8
The Challenge of Financing an Intangible Economy158
9
Competing, Managing, and Investing in the Intangible Economy182
10
Public Policy in an Intangible Economy: Five Hard Questions208
11
Summary, Conclusion, and the Way Ahead239
Notes243
References253
Index267
ILLUSTRATIONS
Figures
Figure 1.1. “Intangibles” references in scientific journals
Figure 2.1. Intangible and tangible investment over time, United States
Figure 2.2. Intangible and tangible investment over time, UK
Figure 2.3. Intangible and tangible investment in Europe
Figure 2.4. Intangible and tangible investment in Europe and the United States
Figure 2.5. Intangible and tangible investment as shares of country GDP
Figure 2.6. Intangible and IT investment
Figure 2.7. Intangible intensity in manufacturing and services
Figure 2.8. Tangible and intangible investment and regulation
Figure 2.9. Intangible investment and government R&D spending
Figure 2.10. Intangible investment and trade restrictiveness, 2013
Figure 5.1. Real investment as a percentage of real GDP
Figure 5.2. Long-run real interest rates for the United States and UK
Figure 5.3. Measures of profits and profit spreads
Figure 5.4. Labor productivity spreads
Figure 5.5. Growth of labor and multi-factor productivity
Figure 5.6. Investment/GDP rat ............
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