Productivity and Growth in UK Industries: An Intangible Investment Approach

• Autores: Mariela Dal Borgo, Peter Goodridge, Jonathan Haskel, Annarosa Pesole
• Localización: Oxford bulletin of economics and statistics, ISSN 0305-9049, Vol. 75, Nº. 6, 2013, págs. 806-834
• Idioma: inglés
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• Resumen

  • 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 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%).