Measuring Intangible Capital and Its Contribution to Economic GrowthVan Ark Bart, Carol A. Corrado, Charles Hulten and Janet X. Hao ,
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EIB Papers, European Investment Bank
This paper describes the state of the art in the measurement of intangible capital and its contribution to economic growth, with a focus on an international comparison of intangible investment intensity and intangible capital deepening among eleven advanced economies. By employing a broad measure of intangibles, including computerized information, innovative property and economic competencies, we find a relatively large impact on growth. Intangible capital explains about a quarter of labour-productivity growth in the US and larger countries of the EU.