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When does elastic labor supply cause an inverted-U effect of patents on innovation?

Angus Chu (), Shiyuan Pan and Minjuan Sun

Economics Letters, 2012, vol. 117, issue 1, 211-213

Abstract: This study analyzes how patent protection affects innovation in an R&D-based growth model with elastic labor supply. We find that increasing patent breadth may generate an inverted-U effect on innovation depending on whether the model features the knowledge-driven or lab-equipment innovation process. This result highlights an important interaction between elastic labor supply and the innovation process through which patent protection has an inverted-U effect as documented in recent empirical studies.

Keywords: Economic growth; Innovation; Intellectual property rights (search for similar items in EconPapers)
JEL-codes: O31 O34 O40 (search for similar items in EconPapers)
Date: 2012
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