The economic importance of intangible capital and investment: a comparative analysis across advanced economies

The paper analyses the importance of intangible capital in six advanced economies (Italy, Germany, France, Spain, the United Kingdom and the United States) over the period 2000-21. Using an extended measure that also includes intangible assets not recorded in the national accounts, e.g. organizational models developed by managers, it documents a clear divergence between countries with high and low intangible intensity. The United States, the United Kingdom and France display higher levels of intangible capital and investment, whereas Italy, Germany and Spain have lower accumulation. In the United States, organizational capital predominates; by contrast, a specialization in industrial design emerges in the European countries. The contribution of intangibles to labour productivity growth is higher in the United States; in the euro-area countries, improvements in the quality of labour input are relatively more important. The analysis also highlights a positive relationship between human capital and the accumulation of intangible capital, suggesting that policies aimed at strengthening skills can support productivity growth, with multiplier effects, through a broader diffusion of intangible investment.