For the recorded history of management, the world has managed value creation according to what can be seen, touched and proven. In today's knowledge-based economy, value creation is derived primarily from how well firms manage intangibles (knowledge, service, expectations, response time, innovation, change management, etc). The large capital outlays that signified the manufacturing economy are no longer required. In fact, such 'tangibles' now explain less than 20 per cent of the value of most publicly listed firms. For example, Time Warner has only 6.49 per cent of its value attributable to tangibles. As such, for every USD1 of true value, only USD0.065 cents is being measured and managed by conventional management practices. For Oracle Corporation, tangibles account for only 4 per cent of its value. For General Electric (worth over USUSD450 billion), tangibles account for less than 11 per cent of its value. Intention, context, emotional intelligence, escalation, and sustainability are words that are generally absent from the operational management techniques of managers worldwide. They form, however, the basis of skills required to manage organizations in today's knowledge-based economy. The authors investigate the ways that intangible values can be identified, measured, and managed. Their revolutionary and innovative taxonomy not only reveals fundamental differences between a manufacturing economy and one which creates value through knowledge, relationships, and time. By using case studies, a compelling mixture of theory and applications, and a set of accounting tools, the authors demonstrates how a new value framework can protect investors while giving companies the ability to generate long-term growth.