Marketing, Other Intangibles, and Output Growth in 61 United States Industries

Leo Sveikauskas, Rachel Soloveichik, Corby Garner, Peter B. Meyer, James Bessen and Matthew Russell

Review of Income and Wealth, 2024, vol. 70, issue 4, 1190-1215

Abstract: Experts in the System of National Accounts (SNA) recently considered whether marketing could be included as a capital asset in the national accounts and later recommended that marketing should be an intangible in the 2025 SNA (IMF, 2022, 2023). This paper prepares macroeconomic measures of the United States marketing stock and develops similar measures within 61 industries. We find that, from 1987 to 2020, marketing capital contributed approximately as much to output growth (0.18 percentage point per year) as R&D (0.15) or software (0.19) did. Software grew more rapidly, but marketing had a larger factor share. Marketing contributes even more to output growth if quality is adjusted to allow for the better targeting associated with digital advertising. There is a close relationship between data flows, software, and digital marketing and national accountants will have to allocate expenditures among these categories.

Date: 2024
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