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Brands As Productive Assets: Concepts, Measurement, and Global Trends

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Author Info

  • Carol A. Corrado

    (The Conference Board, New York, United States of America)

  • Janet X. Hao

    (The Conference Board, New York, United States of America)

Abstract

The paper looks at brands from an economic point of view. First, we define concepts and set out this approach. Second, we analyze the conditions under which brands are long-lived productive assets and contribute to economic growth. Third, we review and improve the measurement of investment in brands. We find that a productive role for brands is consistent with assumptions used in the economic analysis of innovation. Productivity decompositions using the intangibles framework support brand as a contributor to economic growth. We then develop (1) a new U.S. series for brand investment to cover all marketing, including “in-house” investment, and (2) a harmonized global indicator of brand investment covering 63 countries. We find that brand investment held up relatively well in the U.S. during the Great Recession and its aftermath whereas measures based mainly on purchased advertising services send a different signal. Finally we offer an analysis of economic development that suggests branding rises with growth and provide econometric evidence showing a significant positive relationship between the rate of brand investment and level of economic development.

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Bibliographic Info

Paper provided by World Intellectual Property Organization - Economics and Statistics Division in its series WIPO Economic Research Working Papers with number 13.

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Length: 78 pages
Date of creation: Jan 2014
Date of revision:
Handle: RePEc:wip:wpaper:13

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Related research

Keywords: Brands and brand equity; intangible investment; innovation; economic growth and development; national accounts and economic measurement.;

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References

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  1. Corrado, Carol & Haskel, Jonathan & Jona-Lasinio, Cecilia & Iommi, Massimiliano, 2012. "Intangible Capital and Growth in Advanced Economies: Measurement Methods and Comparative Results," IZA Discussion Papers 6733, Institute for the Study of Labor (IZA).
  2. Ferdinand Rauch, 2011. "Advertising Expenditure and Consumer Prices," CEP Discussion Papers dp1073, Centre for Economic Performance, LSE.
  3. Leonard I. Nakamura, 2005. "Advertising, intangible assets, and unpriced entertainment," Working Papers 05-11, Federal Reserve Bank of Philadelphia.
  4. Nelson, Phillip, 1970. "Information and Consumer Behavior," Journal of Political Economy, University of Chicago Press, vol. 78(2), pages 311-29, March-Apr.
  5. Carol Corrado & Peter Goodridge & Jonathan Haskel, 2011. "Constructing a Price Deflator for R&D: Calculating the Price of Knowledge Investments as a Residual," Economics Program Working Papers 11-03, The Conference Board, Economics Program.
  6. 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.
  7. Hall, Robert E, 1988. "The Relation between Price and Marginal Cost in U.S. Industry," Journal of Political Economy, University of Chicago Press, vol. 96(5), pages 921-47, October.
  8. Haskel, J & Corrado, C & Jona-Lasinio, C & Iommi, M, 2013. "Innovation and intangible investment in Europe, Japan and the US," Working Papers 11139, Imperial College, London, Imperial College Business School.
  9. Edquist, Harald, 2009. "How Much does Sweden Invest in Intangible Assets?," Working Paper Series 785, Research Institute of Industrial Economics.
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