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Old and New Asset Boundaries: A Review Article on Measuring Capital in the New Economy

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  • Paul Schreyer

Abstract

In modern economies, technical change is rapid and competitive edges of companies are closely related to 'intangible' capital. While some intangibles are covered by established capital measures in the national accounts, many are outside the measurement boundary. The NBER volume at hand brings together the most up-to-date empricial and conceptual work that aims at measuring intangibles comprehensively. The different articles show that there is neither a single definition nor a single method to measure intangibles. This is not surprising given the very nature of these assets. The many challenges for measurement also mean that more work needs to be done before considering a broad set of intangibles assets for recognition in the national accounts. This reduces in no way the value of current and future research on the issue and the NBER volume constitutes an excellent reference for analysts and national accountants.

Suggested Citation

  • Paul Schreyer, 2007. "Old and New Asset Boundaries: A Review Article on Measuring Capital in the New Economy," International Productivity Monitor, Centre for the Study of Living Standards, vol. 15, pages 75-80, Fall.
  • Handle: RePEc:sls:ipmsls:v:15:y:2007:5
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    References listed on IDEAS

    as
    1. Nicholas Oulton, 2007. "Ex Post Versus Ex Ante Measures Of The User Cost Of Capital," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 53(2), pages 295-317, June.
    2. Carol Corrado & John Haltiwanger & Dan Sichel, 2005. "Measuring Capital in the New Economy," NBER Books, National Bureau of Economic Research, Inc, number corr05-1, January.
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    Cited by:

    1. Cecilia Iona Lasinio & Massimiliano Iommi & Stefano Manzocchi, 2011. "Intangible capital and Productivity Growth in European Countries," Working Papers LuissLab 1191, Dipartimento di Economia e Finanza, LUISS Guido Carli.
    2. Kamil Makieła, 2009. "Economic Growth Decomposition. An Empirical Analysis Using Bayesian Frontier Approach," Central European Journal of Economic Modelling and Econometrics, CEJEME, vol. 1(4), pages 333-369, December.

    More about this item

    Keywords

    Intangible capital; New economy; National accounts.;

    JEL classification:

    • Y3 - Miscellaneous Categories - - Book Reviews
    • C40 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - General
    • C80 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - General
    • C82 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - Methodology for Collecting, Estimating, and Organizing Macroeconomic Data; Data Access
    • O47 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence

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