We thank Daron Acemoglu, Seth Benzell, John Fernald, Rebecca Henderson, Austan Goolsbee, Adam Saunders, Larry Summers, Manuel Trajtenberg and numerous seminar participants for helpful comments. The MIT Initiative on the Digital Economy provided valuable funding. We dedicate this paper to the memory of Shinkyu Yang, whose pioneering insights on the role of intangibles inspired us. The views ...