Capitalism Without Capital: The Rise of the Intangible Economy by Jonathan Haskel

Author:Jonathan Haskel
Language: eng
Format: mobi
Tags: politics, economics
ISBN: 9780691175034
Publisher: Princeton University Press
Published: 2017-11-28T05:00:00+00:00

The idea that inadequate infrastructure investment is holding back economic growth is widespread, particularly in the United States and the UK. This chapter looks at how the economy’s greater reliance on intangible investment changes the infrastructure debate. An intangible-rich economy needs different sorts of physical infrastructure; it also has a greater need for intangible infrastructure: the standards, rules, and norms that underpin businesses’ intangible investment.

It is hard to think of anything less intangible than infrastructure. Bridges, highways, power stations, and dams are huge and heavy; they are physically present in an unmissable way. The modern economy depends on billions of tons of physical infrastructure that encrusts the world in steel, concrete, copper, and optical fiber. It’s no surprise that infrastructure is a subject of passionate concern for many economists and politicians: the idea that we might not have enough infrastructure, or that what we have is not modern enough, is a common theme in public debate, especially in the Anglo-Saxon world.

This chapter will ask what types of infrastructure are particularly useful for an intangible-intensive economy. It will look at both physical infrastructure and the infrastructure that is itself intangible—the rules, norms, and processes that help the economy function.

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