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Intangibles: what put the new in the new economy?

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Author Info
Leonard Nakamura
Abstract

Generating new products requires corporations to spend very large sums of money. These expenditures often lead to the development of intangible assets, such as patents and copyrights, that can add considerably to a company's coffers and stock market value. However, in general, our accounting conventions do not recognize these expenditures as investments--a holdover from the days when these types of investments were a negligible portion of total investment. Leonard Nakamura argues that these conventions cause profits and savings to be understated and that correcting them makes U.S. economic and financial performance more comprehensible

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Publisher Info
Article provided by Federal Reserve Bank of Philadelphia in its journal Business Review.

Volume (Year): (1999)
Issue (Month): Jul ()
Pages: 3-16
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Handle: RePEc:fip:fedpbr:y:1999:i:jul:p:3-16

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Related research
Keywords: Corporations - Finance ; Research and development;

References listed on IDEAS
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  1. Leonard I. Nakamura, 1995. "Measuring inflation in a high-tech age," Business Review, Federal Reserve Bank of Philadelphia, issue Nov, pages 13-25. [Downloadable!]
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Alfredo Martín-Oliver & Vicente Salas-Fumas, 2007. "How do intangible assets create economic value? an application to banks," Banco de España Working Papers 0730, Banco de España. [Downloadable!]
  2. Supriyo De, 2007. "Software Production, Human Capital and Endogenous Growth: Theoretical Analysis and Empirical Evidence from India," DEGIT Conference Papers c012_007, DEGIT, Dynamics, Economic Growth, and International Trade. [Downloadable!]
  3. Carol Corrado & Charles Hulten & Daniel Sichel, 2006. "Intangible capital and economic growth," Finance and Economics Discussion Series 2006-24, Board of Governors of the Federal Reserve System (U.S.). [Downloadable!]
    Other versions:
  4. Jason G. Cummins, 2004. "A new approach to the valuation of intangible capital," Finance and Economics Discussion Series 2004-17, Board of Governors of the Federal Reserve System (U.S.). [Downloadable!]
    Other versions:
  5. Demetrios Eliades & Olaf Weeken, . "The stock market and capital accumulation: an application to UK data," Bank of England working papers 251, Bank of England. [Downloadable!]
  6. Stephen D. Oliner & Daniel E. Sichel. & Kevin J. Stiroh, 2007. "Explaining a productive decade," Finance and Economics Discussion Series 2007-63, Board of Governors of the Federal Reserve System (U.S.). [Downloadable!]
    Other versions:
  7. Carol Corrado & Charles Hulten & Daniel Sichel, 2004. "Measuring capital and technology: an expanded framework," Finance and Economics Discussion Series 2004-65, Board of Governors of the Federal Reserve System (U.S.). [Downloadable!]
    Other versions:
  8. Robert Hunt, 1999. "Patent reform: a mixed blessing for the U.S. economy?," Business Review, Federal Reserve Bank of Philadelphia, issue Nov, pages 15-29. [Downloadable!]
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This page was last updated on 2009-10-20.

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