Conventional measures of business investment consist primarily of tangible assets such as plant and equipment, vehicles …, office buildings and other commercial structures. Corrado, Hulten and Sichel (2005, 2009) show business investment in … intangibles (software, design, R&D, branding, organizational capital) exceeds tangible investment for the United States. This …

the US. Their work suggests private sector expenditure (investment) on intangibles is about 13% (11%) of US GDP 1998 …-2000, with intangible investment about equal to tangible capital investment. Our work, using a similar method, suggests the UK … private sector spent, in 2004, about £127bn on intangibles, which is about 11% of UK GDP. The implied investment figure is …