Author bio: Jonathan. Haskel is professor of economics at Imperial College London. Stian Westlake is a senior fellow at Nesta, the UK's national foundation for innovation. Welcome My name is Sharlene King and i'm here to share my Download PDF. For all sorts of businesses, from tech firms and pharma companies to coffee shops and gyms, the ability to deploy assets that one can neither see nor touch is increasingly the main source of long-term success.
But it also is unstable and morally defective. An unusual consensus has developed among economists that the 'long boom' before , and the subsequent crisis and recession, resulted from a global excess of capital. Over-supply of saving drive down capital costs, encouraging excessively risky investment and preventing the scrapping of outmoded plant. Capital's inexorable growth is also blamed for a prolonged squeeze on wages, rising elite wealth and worsening global inequality.
This book explores the obvious clash between such arguments and actual measurements of capital, which show a small and shrinking 'productive' component, and a deepening disconnection between capital accumulation and economic growth. It traces the conflict to the continued absence of consistent definitions or measurements of capital, and neglect of the complex connection between aggregate capital and wealth. Capital 'gains' and 'losses', and the growing domination of income statements by balance sheets, undermine attempts to sidestep the problem by reconstituting economics as a system of flows.
Why did the U. The answers to all these questions lie in the way we define and measure national economies around the world: Gross Domestic Product. This entertaining and informative book tells the story of GDP, making sense of a statistic that appears constantly in the news, business, and politics, and that seems to rule our lives—but that hardly anyone actually understands. Diane Coyle traces the history of this artificial, abstract, complex, but exceedingly important statistic from its eighteenth- and nineteenth-century precursors through its invention in the s and its postwar golden age, and then through the Great Crash up to today.
Your Comment:. Read Online Download. Akerlof by George A. Add a review Your Rating: Your Comment:. The growing importance of intangible assets has also played a role in some of the big economic changes of the last decade. The rise of intangible investment is, Jonathan Haskel and Stian Westlake argue, an underappreciated cause of phenomena that ranges from economic inequality to stagnating productivity.
In their latest work, Haskel and Westlake bring together a decade of research on how to measure intangible investment and its impact on national accounts, to show how the distinctive features of an intangible-rich economy make it fundamentally different from one based on tangibles.
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