Works in Progress Podcast Stian Westlake on the intangible economy and paying for social science
29 snips
Jul 11, 2025 
Stian Westlake, Executive Chair of the Economic and Social Research Council and author of *Capitalism Without Capital*, dives into the nuances of the intangible economy. He explores why London's economy is distinct from Germany's, while questioning why restaurants struggle to scale. Westlake debates the government’s role in funding social science research, and the complexities of navigating intellectual property rights in an economy driven by intangibles. He also highlights the challenges and biases that arise in securing diverse funding for impactful research.
AI Snips
Chapters
Books
Transcript
Episode notes
Changing Perceptions of Cities
- Historical views saw cities as parasitic extractive institutions, but the production model has shifted.
- Intangible capital favors cities due to synergies unlike past manufacturing economies.
Scale and Market Dominance
- Large intangible firms arise naturally due to scalability, not necessarily monopoly power.
- Dominant tech platforms can be replaced by new entrants quickly in intangible sectors.
Role of Energy in the Economy
- High energy costs mainly affect manufacturing, less so intangible sectors.
- Energy-intensive sectors create skills and synergies important for advanced manufacturing clusters.
