A revolution has occurred. Those with a view of major developed economies over the last roughly twenty years say it happened “quietly,” as the businesses of these economies began investing more in intangible assets—such as design, branding, research and development, and software—than in tangible assets, like machinery, buildings, and computers.
A recent book on the subject, “Capitalism without Capital: The Rise of the Intangible Economy,” by Jonathan Haskel, a professor of economics at Imperial College Business School, and Stian Westlake, a senior fellow at Nesta, the UK’s national foundation for innovation, explores the so-called revolution and its effects, both now and in the future.