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National accounting for intangible assets in the knowledge economy

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  • Iain Clacher,
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    Abstract

    Purpose – The purpose of this paper is to review the issues, difficulties, importance for public policy and current initiatives associated with developing a more comprehensive national accounting framework in relation to public and private sector investments in intangible assets. Design/methodology/approach – The paper analyses and evaluates the most salient statistics on intangible asset investments and the implications for public and private sector policy makers. Findings – The UK economy has a high representation of firms and activities that invest in intangible assets that are not traditionally included in national accounts and that their exclusion has a significant impact on the UK's apparent growth and productivity performance. Originality/value – The paper discusses a range of measurement and other difficulties in significantly developing a comprehensive national accounting framework that fully incorporates the impact of intangible asset investments upon national growth and productivity metrics.

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    Bibliographic Info

    Article provided by Emerald Group Publishing in its journal Journal of Financial Regulation and Compliance.

    Volume (Year): 18 (2010)
    Issue (Month): 2 (May)
    Pages: 106-119

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    Handle: RePEc:eme:jfrcpp:v:18:y:2010:i:2:p:106-119

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    Web page: http://www.emeraldinsight.com

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    Postal: Emerald Group Publishing, Howard House, Wagon Lane, Bingley, BD16 1WA, UK
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    Related research

    Keywords: Accounting; Intangible assets; Knowledge economy; Public sector accounting; United Kingdom;

    References

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    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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    1. Gene Grossman & Edwin L.-C. Lai, 2002. "International Protection of Intellectual Property," NBER Working Papers 8704, National Bureau of Economic Research, Inc.
    2. Richard A. Posner, 2005. "Intellectual Property: The Law and Economics Approach," Journal of Economic Perspectives, American Economic Association, vol. 19(2), pages 57-73, Spring.
    3. Robert M. Hunt, 2006. "When Do More Patents Reduce R&D?," Levine's Bibliography 122247000000001065, UCLA Department of Economics.
    4. Pierre Mohen & Jacques Mairesse & Marcel Dagenais, 2006. "Innovativity : A Comparison Across Seven European Countries," Working Papers 2006-15, Centre de Recherche en Economie et Statistique.
    5. Bronwyn H. Hall & Jacques Mairesse, 2006. "Empirical Studies of Innovation in the Knowledge Driven Economy," NBER Working Papers 12320, National Bureau of Economic Research, Inc.
    6. Mauro Giorgio Marrano & Jonathan Haskel, 2006. "How Much Does the UK Invest in Intangible Assets?," Working Papers 578, Queen Mary, University of London, School of Economics and Finance.
    7. Nicholas Oulton, 2004. "Productivity Versus Welfare; Or GDP Versus Weitzman's NDP," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 50(3), pages 329-355, 09.
    8. Panle Gia & Pinelopi K. Goldberg & Shubham Chaudhuri, 2006. "Estimating the Effects of Global Patent Protection in Pharmaceuticals: A Case Study of Quinolones in India," American Economic Review, American Economic Association, vol. 96(5), pages 1477-1514, December.
    9. Mauro Giorgio Marrano & Jonathan Haskel & Gavin Wallis, 2009. "What Happened To The Knowledge Economy? Ict, Intangible Investment, And Britain'S Productivity Record Revisited," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 55(3), pages 686-716, 09.
    10. Lucas, Robert Jr., 1988. "On the mechanics of economic development," Journal of Monetary Economics, Elsevier, vol. 22(1), pages 3-42, July.
    11. Jonathan Haskel, 2007. "Measuring innovation and productivity in a knowledge-based service economy," Economic and Labour Market Review, Palgrave Macmillan, vol. 1(7), pages 27-31, July.
    12. Carol Corrado & Charles Hulten & Daniel Sichel, 2004. "Measuring capital and technology: an expanded framework," Finance and Economics Discussion Series 2004-65, Board of Governors of the Federal Reserve System (U.S.).
    13. Patrick Francois & Huw Lloyd-Ellis, 2003. "Animal Spirits Through Creative Destruction," American Economic Review, American Economic Association, vol. 93(3), pages 530-550, June.
    14. Erik Canton & Harald Uhlig, 1999. "Growth and the cycle: Creative destruction versus entrenchment," Journal of Economics, Springer, vol. 69(3), pages 239-266, October.
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