Jonathan Haskel



Average rating: 3.81 · 1,790 ratings · 191 reviews · 3 distinct worksSimilar authors
Capitalism Without Capital:...

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3.81 avg rating — 1,790 ratings — published 2017 — 10 editions
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Le capitalisme sans capital

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Measuring and Accounting fo...

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“As their expanded name suggests, EMI wasn’t only a record label. In the 1960s the company was as interesting for its electrical activities as for its musical ones. In 1959 it had launched a commercial computer called the EMIDEC 1100; it also made color TV cameras, recording equipment, guided missiles, and kettles. The piles of cash brought in by Beatlemania helped create a culture of investment at EMI. One of the things they invested in was medical equipment research. Godfrey Hounsfield, the researcher behind the EMIDEC, began work on the first commercially viable medical scanner. As the project developed, he was significantly supported by the UK government, which provided over £600,000 of support or £7 million at 2016 prices (Maizlin and Vos 2012). Over four years, he and his team invented and built the first computed tomography scanner (CT or “CAT scanner”—the A stands for “axial”). This was a remarkable feat of science and engineering. For the first time, it allowed doctors to make accurate, 3D representations of patients’ soft tissues. This was a real medical breakthrough, transforming everything from brain surgery to cancer treatment. Hounsfield was piled with honors: he received a Nobel prize and a knighthood and was made a Fellow of the Royal Society. But from a commercial point of view, it was something of a failure for EMI.”
Jonathan Haskel, Capitalism without Capital: The Rise of the Intangible Economy

“Scalability becomes supercharged with “network effects.” A network effect exists when assets become more valuable the more of them exist.”
Jonathan Haskel, Capitalism without Capital: The Rise of the Intangible Economy

“A more recent concern relates to “financialization” and associated short-termism. Financialization is the growing importance of norms, metrics, and incentives from the financial sector to the wider economy. Some of the concerns expressed are that, for example, managers are increasingly awarded stock options to align their incentives with those of shareholders; companies are often explicitly managed to increase short-term shareholder value; and financial engineering, such as share buybacks and earnings management, has become a more important part of senior managers’ jobs. The end result is that rather than finance serving business, business serves finance: the tail wags the dog. What John Kay described as “obliquity,” the idea that making money was a consequence of, or a second-order benefit of, serving one’s customers and building good businesses, is driven out (Kay 2010).”
Jonathan Haskel, Capitalism without Capital: The Rise of the Intangible Economy



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