Capitalism Without Capital: The Rise of the Intangible Economy (Jonathan Haskel; Stian Westlake, 2017)


  • Intangible assets are giving steady and outpaced tangible asset in recent years: connect people quick, lower entry cost, globalisation
  • Serendipity: the occurrence and development of events by chance in a happy or beneficial way
  • Intangible assets: scalability, cost that will be sunk, generate spillovers and ability to exhibit synergies. Also contain uncertainty and contestedness
  • Piketty’s r > g : increase in capital / income ratio, increase in the share of economic pie
  • Build infrastructure in a spiral model, just like how government lease out land and slowly buyback. After all the next project you get to build alone and get to invest in others
  • The development of social capital


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