Description
Title: Growth in labor productivity and intangible assets
Abstract: For a set of 18 European countries between 1995 and 2017, we investigate the labor productivity growth contribution of investments in various intangible asset categories—computerized information, innovative property, and economic competencies—as well as whether this contribution varies between various groups of countries. The goal is to take it a step further and determine which intangible assets alone or in combination are pertinent. The following is a summary of the main findings. First of all, growth in labor productivity is a result of all three distinct categories of intangible assets. The main drivers have been identified as intangible assets associated with economic competences and innovative property assets, specifically advertising and marketing, organizational capital, research and development (R&D) investment, and design. Furthermore, by dividing the sample of EU member states into three groups—northern, central, and southern Europe—it is possible to identify significant differences in behavior between and within the groups in terms of the effects of intangible asset investment on the growth of labor productivity. We come to the conclusion that in order to encourage the growth of labor productivity, measures promoting investment in intangibles at the EU level should be accompanied by specific measures tailored to the needs of each country. According to the evidence, increasing R&D spending alone won’t be enough to address the innovation deficit in some European economies. Complementarities between different asset classes must also be taken advantage of.
Keywords: intangible capital; labor productivity; manufacturing
Paper Quality: SCOPUS / Web of Science Level Research Paper
Subject: Economics
Writer Experience: 20+ Years
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