This book focuses on the shift that has happened in how we value firms – with intangible capital now being the most important factor. The rise of the FANGs means a big shift in what the stock market values, how firms establish success and what leadership should focus on. This book focuses on the fundamental change in the nature of capital but along with a shift in the nature of labour we are seen a rewiring of our economy which is raising issues not well addressed by our political and social institutions which are based on more traditional concepts of capital and labour.
For all the talk about robots and how technology is about to reshape our world there is also a growing concern about historically low levels of productivity growth in advanced economies. Whilst the general perception is of a world about to witness dramatic exploitations of technology Bloom et al find using a range of different studies that R&D productivity is declining with ideas becoming harder and harder to find and requiring more and more in the way of resources.