Summary of Jonathan Haskel & Stian Westlake's Capitalism without Capital , livre ebook

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Please note: This is a companion version & not the original book.
Sample Book Insights:
#1 The change in investment is not primarily about information technology. It is about the rise of intangible investment, in ideas, knowledge, aesthetic content, software, brands, and networks and relationships.
#2 Gyms are a great example of how the intangible economy is changing the way businesses operate. In 2017, a gym’s assets can be touched and seen, while in 1977, many of the business’s assets could not be touched.
#3 The gym also has a second business, Bodypump, which is a type of exercise called high-intensity interval training. It is designed and owned by the company that runs the gym, Les Mills International. They have 130,000 instructors worldwide who teach their programs.
#4 The gym industry has changed in two different ways. The part that looks similar to how it did in the 1970s has become infused with systems, processes, relationships, and software. This is not so much innovation, but innervation.

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Publié par	Everest Media LLC
Date de parution	12 mai 2022
Nombre de lectures	0
EAN13	9798822507692
Langue	English
Poids de l'ouvrage	1 Mo

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Insights on Jonathan Haskel & Stian Westlake's Capitalism without Capital
Contents Insights from Chapter 1 Insights from Chapter 2
Insights from Chapter 1

#1

The change in investment is not primarily about information technology. It is about the rise of intangible investment, in ideas, knowledge, aesthetic content, software, brands, and networks and relationships.

#2

Gyms are a great example of how the intangible economy is changing the way businesses operate. In 2017, a gym’s assets can be touched and seen, while in 1977, many of the business’s assets could not be touched.

#3

The gym also has a second business, Bodypump, which is a type of exercise called high-intensity interval training. It is designed and owned by the company that runs the gym, Les Mills International. They have 130,000 instructors worldwide who teach their programs.

#4

The gym industry has changed in two different ways. The part that looks similar to how it did in the 1970s has become infused with systems, processes, relationships, and software. This is not so much innovation, but innervation.

#5

The terms investment, assets, and capital are used in a confusing variety of ways. To better understand these terms, it will be helpful to establish definitions for them.

#6

When economists talk about investment, they are not talking about buying or selling pieces of paper on a stock market, or households paying university tuition. Rather, they are talking about spending by business, government, or the third sector that creates a fixed asset, which is a nonfinancial resource that produces a long-lived stream of productive services.

#7

Intangible investments are those that arise from a process of production and provide a benefit over time. They can be found throughout the economy, and they are not physical. They are examples of intangible assets.

#8

The story of how intangible investment expanded in the gym business is not unusual. Supermarkets, fast-growing tech companies, and many other businesses are intangible-intensive because software and data are intangibles.

#9

The balance between intangible and tangible investment has shifted over time in many countries. In the early years, even in the most developed countries, intangible investment was a side show. Intangible investment steadily increased, while tangible investment grew slower and in some cases decreased.

#10

There are large differences in intangible investment between countries. The Mediterranean countries, Nordics, and United States are at the top of the list, while Continental Europe is in the middle.

#11

The productivity of the manufacturing sector generally increases faster than that of the services industries, since automation and labor-saving equipment are more useful for manufacturers. Over time, this means that labor-intensive services become more expensive relative to manufactured goods.

#12

The rise of the intangible economy is a result of the increase in technology that allows businesses to invest productively in intangibles. This is seen in the IT sector, which has greatly expanded the market size for intangible assets such as entertainment.

#13

The rise of the intangible economy is not the only cause of the rise of computers. The rise of intangible investment began in the 1940s and 1950s, long before the semiconductor revolution.

#14

The balance of what businesses produce has changed. In the late 1990s, the service sector was more intangible-intensive, but this has reversed. The manufacturing sector is more intangible-intensive than tangible-intensive and has grown more so.

#15

There has been a steady increase in intangible investment over the last few decades, and it has been correlated with looser labor and product regulations.

#16

Intangible investment is higher as a fraction of GDP in more developed countries. This might be due to low-income countries specializing in labor-intensive manufacturing, or not having the financial and science base to make large-scale intangible investments.

#17

The size of the market is another factor that determines whether a country invests in intangibles. Smaller markets would be less attractive places to make intangible investment, as they would not be able to take advantage of scale.

#18

Intangible investment has become increasingly important. New methods of measurement show how it now exceeds tangible investment in some developed countries, and has been growing for several decades.

#19

The story of how economists and statisticians came to measure intangible investment is a late episode in a much bigger story: the invention of GDP and systems of national accounts. GDP was created to measure the economy, and it was decided that spending on long-lasting goods should be counted as part of the output of the economy.

#20

When economists began measuring GDP in the 1940s, investment was strictly limited to physical stuff. But as the world began to rebuild after the Second World War, it became clear that knowledge was also an important part of production.

#21

The measurement of intangibles was reignited by the Computer Age, which brought about the introduction of computer prices that were quality adjusted. This made a big difference in how much investment businesses were making in computer hardware.

#22

The development of computer software in the 1990s dealt with an intangible good: knowledge written down in lines of code. It was not treated as an investment, but it was brought into the calculation of US GDP in 1999.

#23

The idea of intangibles, such as software and RD, being valuable and durable, and therefore being investment, grew in the 2000s. However, it was difficult to make money from the new economy.

#24

intangible investment began to be included in official statistics around the world. The world’s national statistical offices, the guardians of the GDP statistics that grace news bulletins and analyst reports, began to take notice of the new types of investment that businesses were making.

#25

The first challenge of measuring anything in economics is to define it. When Corrado, Hulten, and Sichel began to measure intangible investment in 2005, they used and extended some of the same suggestions for the types of investment to be measured that had been originally advanced by Fritz Machlup in 1962.

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