Journal
OXFORD BULLETIN OF ECONOMICS AND STATISTICS
Volume 75, Issue 6, Pages 806-834Publisher
WILEY
DOI: 10.1111/j.1468-0084.2012.00718.x
Keywords
O47; E22; E01
Funding
- National Endowment for Science, Technology and the Arts (NESTA)
- UK Innovation Research Centre
- Economic Social Research Council (ESRC, UK)
- NESTA
- Technology Strategy Board
- Department for Business, Innovation and Skills [RES-598-28-0001]
- ESRC [ES/I035781/1]
- ESRC funded centre CAGE: Competitive Advantage in the Global Economy, Department of Economics, University of Warwick
- Economic and Social Research Council [ES/H021248/1, ES/G042993/1] Funding Source: researchfish
- ESRC [ES/G042993/1, ES/H021248/1] Funding Source: UKRI
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This article calculates some facts for the knowledge economy'. Using new data, first we document UK intangible investment and find that (i) this is greater than tangible investment by 37bn pound in 2008; (ii) R&D is 11% of total intangible investment, software 15%, and training and organizational capital 22% each; (iii) the most intangible-intensive industries are manufacturing and financial services. Next, we measure the contribution of intangible capital to growth for 2000-08. We find that intangible capital accounts for 23% of labour productivity growth and treating intangibles as investment lowers total factor productivity growth in the 2000s by 24% (R&D lowers it by 3%).
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