This book by Jonathan Haskel, Professor of Economics at the Imperial College Business School in London, and Stian Westlake, a senior fellow at the U.K.'s National Endowment for Science, Technology and the Arts (Nesta), provides a comprehensive examination of a familiar, yet under-appreciated phenomenon: the rise of intangible investment and its consequences in the 21st century's economy. The attention-grabbing title of the book, Capitalism without Capital, vividly captures the essence of an economy dominated by intangible investment—such as R&D, software, brands, and organizational development—that lacks physical forms and, hence, does not resemble investment in tangible assets—such as buildings and machinery—that can be seen and touched. The authors are well-known researchers in the areas of intangible assets, innovation, and productivity (one of the authors also led a project commissioned by the U.K. Treasury to measure intangible assets and growth in the U.K.'s economy). Drawing from the authors' earlier work, the book...
