The economist Kirk Hamilton wrote a report recently called “Where is the wealth of nations?” In it, he put forward his belief that rich countries are rich because they have intangible capital, ie. skills and education. People are more important than dams or for example macho engineering products.
Anyway. When Hamilton was interviewed and asked to define intangible capital, he said,
“Intangible capital is capital that has an economic value but is not something you can drop on your foot.”