Beware of the difference between gross investment and net corporate investment

When we look at the gross corporate investment rate in the United States or the euro zone, we have the impression that corporate investment is higher today than before the 2008-2009 crisis. But when we look at the net corporate investment rate (net of depreciation and consumption of fixed capital) or net capital growth, we see, on the contrary, a sharp decline in capital accumulation, which explains the slowdown in potential growth. Since the crisis, there has therefore been a sharp rise in the rate of amortisation and capital depreciation, accelerated capital obsolescence and a shorter useful life of capital, which can be attributed to the increase in the weight of intangible (software) investments or those in new technologies. This development is negative: the weight of gross investment that must be financed is increasing, while net capital growth is slowing.