Bloomberg Businessweek reports on Intangible Economy (July 2013)

The Rise of the Intangible Economy: U.S. GDP Counts R&D and Artistic Creation.
– Bloomberg Businessweek, by Peter Coy on July 18, 2013

On July 31, the U.S. Bureau of Economic Analysis will rewrite history on a grand scale by restating the size and composition of the gross domestic product, all the way back to the first year it was recorded, 1929. The biggest change will be the reclassification’€”nay, the elevation’€”of research and development. R&D will no longer be treated as a mere expense, like the electricity bill or food for the company cafeteria. It will be categorized on the government’€™s books as an investment, akin to constructing a factory or digging a mine. In another victory for intellectual property, original works of art such as films, music, and books will be treated for the first time as long-lived assets.

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