National accounting for intangible assets in the knowledge economy

摘要

Purpose – The purpose of this paper is to review the issues, difficulties, importance for public policy and current initiatives associated with developing a more comprehensive national accounting framework in relation to public and private sector investments in intangible assets. Design/methodology/approach – The paper analyses and evaluates the most salient statistics on intangible asset investments and the implications for public and private sector policy makers. Findings – The UK economy has a high representation of firms and activities that invest in intangible assets that are not traditionally included in national accounts and that their exclusion has a significant impact on the UK's apparent growth and productivity performance. Originality/value – The paper discusses a range of measurement and other difficulties in significantly developing a comprehensive national accounting framework that fully incorporates the impact of intangible asset investments upon national growth and productivity metrics.