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100			_aCrouzet, Nicolas et al _936139
245			_aThe economics of intangible capital
260			_aThe Journal of: Economic Perspectives
300			_a36(3), Summer, 2022: p.29-52
520			_aIntangible assets are a large and growing part of firms' capital stocks. Intangibles are accumulated via investment--foregoing consumption today for output in the future—but they lack a physical presence. Rather than stopping with this "lack," we instead focus on the positive properties of intangibles. Specifically, intangibles must be stored, so characteristics of the storage medium have important implications for their value and use. These properties include non-rivalry, allowing the intangible to be used simultaneously in different production streams, and limited excludability, which prevents the firm from capturing all the benefits or rents from the intangible. We develop these ideas in a simple way to illustrate how outcomes such as scalability and distribution of ownership follow. We discuss how intangibles can help to understand important trends in macroeconomics and finance, including productivity, factor shares, inequality, investment and valuation, rents and market power, and firm financing. – Reproduced
773			_aThe Journal of: Economic Perspectives
906			_aECONOMICS
942			_cAR