The impact of intangible capital on countries’ sustainability during the economical recession

Abstract

Intangible capital is an important and a form of capital recently much discussed in scientific literature. Even though the concept of intangible capital is not strictly set yet and vague enough, many authors agree that intangible capital is composed of intellectual capital, human capital and social capital. The creation of value in modern society is based on human skills, health, knowledge, intellectual property, enrolment in social units, networks, expressed social trust, etc. All these components are changing the economic structure influencing sustainable development of countries. However, the research suggests that intangible capital creation implies favorable conditions only during economic growth cycle. Intangible capital has poor resilience to economic recessions at macro-economic level.