Property Rights, Public Enforcement, and Growth

Andreas Irmen and Johanna Kuehnel

Scandinavian Journal of Economics, 2014, vol. 116, issue 3, 797-819

Abstract: We study the link between public enforcement of property rights, innovation investments, and economic growth in an endogenous growth framework with an expanding set of product varieties. We find that a government can assure positive equilibrium growth through public employment in the enforcement of property rights, if the economic environment is sufficiently favorable to growth and/or if public enforcement is sufficiently effective. However, in terms of welfare, an equilibrium path without property-rights protection and growth might be preferable. In this case, the enforcement of property rights involves too much reallocation of labor from production and research towards the public sector.

Date: 2014
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