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The paper measures and analyzes brands from an economic (i.e., intangible capital) point of view. First, we describe how a productive role for brands is consistent with assumptions used in the economic analysis of innovation. Second, we analyze the conditions under which brands are long-lived productive assets and contribute to economic growth. Third, we review and improve the measurement of investment in brands. The paper concludes with a discussion of a new US series for brand investment to cover all marketing, including “in-house” investment, and a harmonized global indicator of brand investment covering 64 countries.