By Carol Corrado, John Haltiwanger, Daniel Sichel
Because the sped up technological advances of the prior 20 years proceed to reshape the USA' financial system, intangible resources and high-technology investments are taking greater roles. those advancements have raised a couple of issues, resembling: how will we degree intangible resources? Are we properly appraising more moderen, high-technology capital? The solutions to those questions have vast implications for the overview of the economy's development over the long run, for the velocity of technological development within the economic climate, and for estimates of the nation's wealth.In Measuring Capital within the New economic climate, Carol Corrado, John Haltiwanger, Daniel Sichel, and a bunch of exotic collaborators supply new ways for measuring capital in an economic climate that's more and more ruled by means of high-technology capital and intangible resources. because the individuals exhibit, high-tech capital and intangible resources impact the economic system in ways in which are notoriously tough to appraise. during this unique and thorough research of the matter and its suggestions, the participants examine the character of those relationships and supply information as to what components may be incorporated in calculations of alternative forms of capital for economists, policymakers, and the monetary and accounting groups alike.
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Extra resources for Measuring Capital in the New Economy (National Bureau of Economic Research Studies in Income and Wealth)
8 comment in this volume). 22 Carol Corrado, Charles Hulten, and Daniel Sichel The expanded framework for growth accounting presents a somewhat diﬀerent view of the economy than the approach that ignores intangibles. Comparing the GDP identities in equations (4) and (8) reveals that the latter is greater by p Nt Nt . The rate of saving and investment and the relative shares of capital and labor in GDP are also aﬀected. Labor’s share in the “old” view is sL ϭ ( pLL)/( p LL ϩ p KK ), which becomes s∗L ϭ ( p LL)/( p LL ϩ p KK ϩ p NN ) when intangibles are recognized as asset.
Brand equity (advertising expenditures and market research for the development of brands and trademarks) Economic competencies 26 Carol Corrado, Charles Hulten, and Daniel Sichel recognized in the NIPAs in 1999, the move captured the estimated costs of software created by firms for their own use as well as purchases of prepackaged and custom software. The own-account estimates were developed from detailed occupational data on employment and wages in private industry, in conjunction with an estimate (50 percent) of the average time spent by individuals in the relevant occupations on “software development” (Parker and Grimm 1999).
20. Specifically, of the twenty two-digit Standard Industrial Classification (SIC) industries examined by Landes and Rosenfield, the implied annual geometric rate of decay of advertising was about 55 percent or less for seven industries (furniture; paper; chemicals; fabricated metals; transportation equipment; instruments; and building materials, hardware, and garden supplies) and about 65 percent to 70 percent for seven more (food, rubber and plastics, industrial machinery, electrical machinery, miscellaneous manufacturing, apparel retailers, and business services).