Will Hutton, the British journalist and economist, has an article in The Observer today which says that cities are the future and the growth of intangibles is a key factor in their development. “Economists observe that bringing people together in…
Tag: intangibles
In the intangible economy, creators are the only real workers
http://www.youtube.com/watch?v=ni_abqgw1jU Conventional economics’ treatment of labour is among its many weaknesses. As has been explained elsewhere in Economics2030, economics is even worse at dealing with the concept of capital. This, of course, hasn’t prevented conventional economists loading their models with variables…
GDP is more than imperfect; it’s wrong for economies where services dominate
An article by David Pilling in last weekend’s FT Magazine reported on expert views that gross domestic product (GDP), the most popular way of measuring output, was misleading. “GDP is a made-up entity,” Pilling quoted economist Diane Coyle as saying.…
Intangible capital a source of regional growth differences in UK
Britain’s deputy PM Nick Clegg yesterday delivered the opening keynote speech at the International Economic Conference in Leeds in which he summarised government action taken to promote growth and employment in northern England. “How do we build on the strengths…
More growth or more value-creation? Conventional economics has no answer
A feature in the Financial Times (FT) on 30 June asked whether it was any longer possible for the US economy to increase productivity and, consequently, long-term economic growth per capita. “For the past 120 years, …output per head of…
Valuing art presents insuperable challenge to conventional economics
The central failing of conventional economic theory when it’s applied to services has been exposed by John Kay in a column in the London daily Financial Times on 17 June. His ruminations followed the announcement by the National Trust last…