Publisher:
University of Hamburg, Department of Economics, Privatdozentur in Economics, Hamburg
Abstract:
The growing importance of intangible capital poses major challenges for its measurement in national accounts. This paper asks whether estimates of intangible investment are comparable across countries, examining France, Germany, Italy, the UK and the US. We assess reported estimates against independent, internationally harmonized sources: occupational data on ICT specialists and managers, wage data from the Structure of Earnings Survey, R&D composition data from ANBERD, and firm-level investment data from the EIB Investment Survey (EIBIS). We find that the largest cross-country gaps, particularly in software and organizational capital, are difficult to reconcile with the underlying distribution of inputs. France and Germany employ similar shares of ICT specialists yet report a threefold difference in software investment relative to value added, while the higher organizational capital recorded in France is not matched by its managerial wage structure. A micro-informed recalibration suggests that these measurement differences can materially affect cross-country productivity comparisons.
