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Supporting Investment in Knowledge Capital, Growth and Innovation

image of Supporting Investment in Knowledge Capital, Growth and Innovation

Knowledge-based capital (KBC) results from business investment in non-physical assets such as R&D, data, software, patents, new business models, organizational processes, firm-specific skills and designs. This publication brings together the results of a two-year programme of work at the OECD on New Sources of Growth and the role of Knowledge-based Capital (NSG-KBC). This work shows that business investment in KBC is a key to future productivity growth and living standards. In many countries, business investment in KBC has increased faster than - and in some countries significantly exceeds - investment in physical capital (like machinery). To promote long-term growth and the jobs of tomorrow, governments must ensure that framework conditions, institutions and policies facilitate business investment in KBC. Emerging economies are also making concerted efforts to help their businesses accumulate KBC. This book sets out policy analyses and recommendations in the fields of: innovation; taxation; entrepreneurship and business development; corporate reporting; big data; competition and measurement.

English

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Introduction and overview

Achieving higher and sustained growth is essential for OECD economies. Business investment in knowledge-based capital (KBC) is increasing and is already a significant source of growth. But KBC is poorly measured and its many policy implications require further assessment. This chapter provides an overview of the OECD’s recent work on KBC and, specifically, how KBC pertains to resource allocation and innovation, tax policy, competition policy, measurement, global value chains, knowledge networks and markets, corporate reporting, and “big data’.

English

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