THE INTANGIBLE ECONOMY

Jonathan Haskel & Stian Westlake, Capitalism without Capital: The Rise of the Intangible Economy (Princeton & Oxford: Princeton U. Press, 2018) ("Our central argument in this book is that there is something fundamentally different about intangible investment, and that understanding the steady move to intangible investments help us understand some of the key issues facing us today: innovation and growth, inequality, the role of management, and financial and policy reform." Id. at 7. From the book jacket: "Early in the twenty-first 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, and software, than in tangible assets, like machinery, buildings, and computers. For all sorts of businesses, from tech firms and parma companies to coffee ships and gyms, the ability to deploy assets that one can neither see nor touch is increasingly the main source of long-ten success.").