Journal of Economic Perspectives
ISSN 0895-3309 (Print) | ISSN 1944-7965 (Online)
Marketing Investment and Intangible Brand Capital
Journal of Economic Perspectives
vol. 36,
no. 3, Summer 2022
(pp. 53–74)
(Complimentary)
Abstract
US companies invested over $500 billion in 2021 in intangible brand capital, over 2% of GDP. During the past decade, US companies have also been growing their internal marketing capabilities, an often overlooked source of human capital. We discuss the private and social benefits of these intangible brand capital stocks. While the private returns to companies are fairly clear, the academic literature has been divided over the social benefits and costs of advertising and promotion, the two key investment vehicles. We also discuss the implications of brand capital for measured productivity.Citation
Bronnenberg, Bart J., Jean-Pierre Dubé, and Chad Syverson. 2022. "Marketing Investment and Intangible Brand Capital." Journal of Economic Perspectives, 36 (3): 53–74. DOI: 10.1257/jep.36.3.53Additional Materials
JEL Classification
- D24 Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity
- D33 Factor Income Distribution
- E22 Investment; Capital; Intangible Capital; Capacity
- E23 Macroeconomics: Production
- G31 Capital Budgeting; Fixed Investment and Inventory Studies; Capacity
- M31 Marketing
- M37 Advertising
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