See US Dept of Commerce (Bureau of Economic Analysis) latest consideration of measuring innovation and related intangibles in satellite national accounts, including measuring human capital, what is innovation, and deflator's to treating innovation/intangibles as investment.
Definition of innovation considered from ASTRA (Innovation Vital Signs project 2007 - online at http://www.usinnovation.org/files/Defining_Innovation807.pdf).
Report at http://www.bea.gov/scb/pdf/2009/01%20January/0109_innovation.pdf.
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