Intangible assets may be one of the most important, least understood phenomenon of the 21st. Innovation, growth, inequality, the role of management, and financial and policy reform can't be understood without a proper measure of intangible assets.
The 2002 Conference on Research in Income and Wealth sought to measure the types of investment people were making in "the new economy." At the time, Microsoft was the world's most valuable company at $250b. $3b (1%) was plant and equipment. This was unheard of.
Intangible investments usually incur a sunk cost. It's difficult to sell the "assets" at a future date. They're often specific to the company who made the investment, but at the same time, others may benefit from them.
Intangibles include ideas, knowledge, networks, brands, aesthetic content, and relationships. Devising a rigorous measurement for them seems like a huge advantage in nearly any business or investing domain.
