Intangible capital and growth in the ‘new economy’: Implications of a multi-sector endogenous growth model

The high-technology, knowledge-based ‘new economy’ has contributed greatly to economic growth in recent years. The ‘new economy’ is underpinned by intangible capital and specialised business services. However, despite prevalent empirical evidence, theoretical appreciations of this structural change are sparse. This paper addresses the lacuna by examining the impact of intangible capital on economic growth. It extends the Uzawa–Lucas framework by...