The often discussed problems of aggregating tangible capital assets across vintages and of decomposing value aggregates … the interest rate and the capital's age? In discussing these issues, five related quantity variables and five related …

rates caused by demographic forces. This insight is obtained in a model in which intangible capital cannot attract external … aggregate output. An increase in the share of intangible capital in production reduces the borrowing capacity and increases the …-intense economy, the ability of firms to purchase intangible capital using retained earnings is impaired by low interest rates …