| Residential College | false |
| Status | 已發表Published |
| Macroeconomic Effects of Intellectual Property Rights: An Updated Survey | |
CHU CHI HO ANGUS
| |
| 2024-09 | |
| Source Publication | Handbook of Innovation and Intellectual Property Rights |
| Author of Source | Walter G. Park |
| Publisher | Edward Elgar Publishing |
| Pages | 13-26 |
| Abstract | In the first year of graduate coursework in economics, students are often faced with the following important and perhaps surprising theoretical result. The first fundamental theorem of welfare economics states that any competitive or Walrasian equilibrium leads to a Pareto efficient allocation of resources. In other words, competitive markets are efficient. Therefore, governments should simply let the market do its work and the market outcome will be Pareto efficient. However, in reality, the ideal conditions of perfect competition are not necessarily satisfied. In this situation, we may have market failures in over- or under-providing certain economic activities. An important example is investment in research and development (R&D). There is an established empirical finding that the social return to R&D is much higher than the private return. Jones and Williams (1998, 2000) develop an R&D-based growth model and use these empirical estimates to show that the socially optimal level of R&D is at least two to four times higher than the market level. Therefore, overcoming this market failure would increase R&D toward the socially optimal level as well as increasing innovation, economic growth and social welfare. The purpose of this chapter is to provide a selective survey of studies that analyze the macroeconomic effects of intellectual property rights (IPR). |
| Keyword | Economic Growth Innovation Intellectual Property Rights |
| DOI | https://doi.org/10.4337/9781800880627.00008 |
| URL | View the original |
| Language | 英語English |
| ISBN | 9781800880610 |
| Fulltext Access | |
| Citation statistics | |
| Document Type | Book chapter |
| Collection | DEPARTMENT OF ECONOMICS |
| Affiliation | University of Macau |
| Recommended Citation GB/T 7714 | CHU CHI HO ANGUS. Macroeconomic Effects of Intellectual Property Rights: An Updated Survey[M]. Handbook of Innovation and Intellectual Property Rights:Edward Elgar Publishing, 2024, 13-26. |
| APA | CHU CHI HO ANGUS.(2024). Macroeconomic Effects of Intellectual Property Rights: An Updated Survey. Handbook of Innovation and Intellectual Property Rights, 13-26. |
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