The aim of this paper is to present a first theoretical macro-modelling of cognitive capitalism, by utilizing the French regulation theory approach. With regard to the supply side analysis, we shall emphasize the role played by productivity dynamics: it is mainly affected by two types of dynamics: scale economics, based on learning processes and network activity. Turning to demand-side aspects, aggregate demand takes in account also the role played by distribution effects of financial markets, which operates as a distorsive income multiplier. As, on the one side, it depends upon the trade-off between learning processes diffusion and intellectual property rights and, on the other, upon income polarization (due to precariousness and limited access to capital gains) and demand growth stability. The stability of the system cannot be guaranteed. The need for new rules concerning income distribution process (i.e. basic income policy) will be taken in consideration.