What’s New About Capitalism?: A Review Article on "Capitalism without Capital: The Rise of the Intangible Economy"

Abstract

I review Jonathan Haskel and Stian Westlake’s recent book on intangible capital. It is an excellent introduction to and overview of the economics of intangibles. Using a combination of colorful examples and rigorous economic logic, it builds an interesting and useful reference for readers of many types, including academics, policymakers, and business people. While there is much left to be learned about the nature and role of intangible capital, this book will serve as a summary of what we know now as well as a roadmap for future explorations of the subject.

Keywords

• intangible capital
• labour productivity
• capitalism
• intangible economy
• review