Activity

This intensifies what policymakers call "tax competition": the idea that businesses and owners of capital will shop around for the most favorable tax policies. This makes it harder for governments to increase taxes and exacerbates the problem that led to lower taxes on capital in the first place.
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[...] the rise of intangibles might be expected to increase inequality both of wealth and income. Increasingly intangible intensive firms will need better staff to create synergy with their other intangible assets: better managers, better movie stars, better sports heroes. Firms will screen them mo…

Finally, we should consider the possibility that the true nature of intangible investment has changed. Maybe it conceals rent-seeking activities that superficially look like they increase productivity but actually do nothing of the sort.