Payne Institute Faculty Fellow Graham Davis and Robert Cairns write about how intangible capital is a key input to production that is distinct from tangible capital. Most forms of tangible and intangible capital have observable, pecuniary values. Their complement is non-marketed capital. This paper studies non-marketed capital from the points of view of an investor contemplating investing in a project and of a manager running the project. At the point of investment, an apparent positive net present value is realized through the marshalling of non-marketed capital.  July 25, 2023.