Capitalism Without Capital

The Rise of the Intangible Economy

By: Jonathan Haskel, Stian Westlake

Narrated by: Derek Perkins

The first comprehensive account of the growing dominance of the intangible economy

Early in the 21st century, a quiet revolution occurred. For the first time, the major developed economies began to invest more in intangible assets, like design, branding, R&D, or software, than in tangible assets, like machinery, buildings, and computers. For all sorts of businesses, from tech firms and pharma companies to coffee shops and gyms, the ability to deploy assets that one can neither see nor touch is increasingly the main source of long-term success.

But this 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 of phenomena from economic inequality to stagnating productivity. Haskel and Westlake bring together a decade of research on how to measure intangible investment and its impact on national accounts, showing the amount different countries invest in intangibles, how this has changed over time, and the latest thinking on how to assess this. They explore the unusual economic characteristics of intangible investment and discuss how these features make an intangible-rich economy fundamentally different from one based on tangibles.

Capitalism without Capital concludes by presenting three possible scenarios for what the future of an intangible world might be like and by outlining how managers, investors, and policymakers can exploit the characteristics of an intangible age to grow their businesses, portfolios, and economies.

Author bio: Jonathan Haskel is professor of economics at Imperial College London. Stian Westlake is a senior fellow at Nesta, the UK's national foundation for innovation.

©2018 Princeton University Press (P)2018 Recorded Books

Generally, meh.

I expected much more from this book, namely a more exciting exploration of topics. I found it to be a review of the familiar... although, it is not devoid of value.

Excellent insight into this part of the economy

Excellent insight into a valuable part of the economy which is often hidden from sight.

Not groundbreaking but useful. I don't

Not groundbreaking but useful. I don't think I will invest differently but I liked the idea of the industrial Commons

Fascinating topic

Would you consider the audio edition of Capitalism Without Capital to be better than the print version?

No. Print might work better because of the complexities of the subject

Who was your favorite character and why?

There were no characters. This is a book about economics. You need to refine your algorithms in your software.

Which character – as performed by Derek Perkins – was your favorite?

?? The dollar? Money? What on earth do you mean?

If you were to make a film of this book, what would the tag line be?

Only an idiot would make a film of this book. Who thought up this question?

Any additional comments?

You need to work on your software. Your questions are stupid.

A primer on the economy as it exists today.

Intangible investments affect the economy differently. How companies access capital, invest capital, measure value, and manage resources are critical. Brand and intangibles are where most of the value lives.