Intangible Capital and Growth is the first of two open-access volumes presenting a selection of the author's essays on Labor Productivity, Monetary Economics, and Political Economy. This first volume brings together eight of the author's essays, selected with the aim of providing an overview of his research to date on intangible capital and growth.
The economy of the 21st century in the OECD countries and in China, is characterized by a new phenomenon: the structural surplus of private savings in relation to private investment. This is true even in a situation of prosperity and very low interest rates. On the one hand, this excess saving is due to people's increasing inclination to save in light of rising life expectancy, driven by the de…