Everyone knows who’s at fault for our economic and social woes. Inequality up? Greedy bosses. Productivity down? Crazy regulation. Disaffected citizens? Uncaring governments.
Sometimes, though, the longer-term trends in the economy get overlooked. In the mid-2000s, a quiet revolution occurred. For the first time, businesses in developed countries began to invest more in intangible assets — design, branding, research and development and software — than in tangible assets like machinery, buildings and computers.
Indeed, some very well-known companies are composed almost entirely of intangible capital. Uber, for example, owns none of its cars; its other tangible assets — offices and computers, for example — are minimal.… Seguir leyendo »