This paper aims to revisit the relationship between intangible capital and labour productivity growth using the largest, up-to-date macro database (2000-2015) available to corroborate the econometric findings of earlier work and to generate novel econometric evidence by accounting for times of crisis (2008-2013) and economic recovery (2014-2015). To achieve these aims, this paper employs a cross-country growth accounting econometric estimation approach using the largest, up-to-date database available encompassing 16 EU countries over the time-period 2000-2015. The paper accounts for times of crisis (2008-2013) and of economic recovery (2014-2015). It separately estimates the contribution of three distinct dimensions of intangible capital: i) computerized information, ii) innovative property and iii) economic competencies. First, when accounting for intangibles, the paper finds that these have become the dominant source of labour productivity growth in the EU, explaining up to 66 percent of growth. Second, when accounting for times of crisis (2008-2013), in contrast to tangible capital, the paper detects a solid positive relationship between intangibles and labour productivity growth. Third, when accounting for the economic recovery (2014-2015), the paper finds a highly significant and remarkably strong relationship between intangible capital and labour productivity growth. This paper corroborates the importance of intangibles for labour productivity growth and thereby underlines the necessity to incorporate intangibles into today's national accounting frameworks in order to correctly depict the levels of capital investment being made in European economies. These levels are significantly higher than is currently reflected in official statistics.

中文翻译：

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重新审视无形资本和劳动生产率的增长，2000-2015年

本文旨在使用最大的，最新的宏观数据库（2000-2015年）重新审视无形资本与劳动生产率增长之间的关系，以证实早期工作的计量经济学发现，并通过计算时间来得出新颖的计量经济学证据。危机（2008-2013）和经济复苏（2014-2015）。为了实现这些目标，本文采用了跨国增长会计计量经济学估算方法，该方法使用了2000-2015年期间涵盖16个欧盟国家的最大，最新的数据库。该文件说明了危机时期（2008-2013）和经济复苏时期（2014-2015）。它分别估计了无形资本的三个不同方面的贡献：i）计算机信息，ii）创新财产，iii）经济能力。第一，在计算无形资产时，该论文发现，它们已成为欧盟劳动生产率增长的主要来源，可以解释高达66％的增长。其次，考虑到危机时期（2008-2013年），与有形资本相反，本文发现无形资产与劳动生产率增长之间存在牢固的正相关关系。第三，在考虑经济复苏（2014年至2015年）时，本文发现无形资本与劳动生产率增长之间具有高度重要且非常显着的关系。本文证实了无形资产对劳动生产率增长的重要性，因此强调了将无形资产纳入当今的国家会计框架的必要性，以便正确地描述欧洲经济体所进行的资本投资水平。