Patent Policy in an Endogenous Growth Model
Tatsuro Iwaisako () and
Koichi Futagami ()
Journal of Economics, 2003, vol. 78, issue 3, 239-258
We investigate how the patent policy affects economic growth and social welfare based on an endogenous growth model with R&D activities. We show that the patent length that maximizes the social welfare is finite. Moreover, by introducing compulsory licensing, we also show that the patent length that maximizes the social welfare is not infinite even if the royalty rate can be controlled.
Keywords: Keywords: patent policy; endogenous growth.; JEL Classification: L50; O41. (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:kap:jeczfn:v:78:y:2003:i:3:d:10.1007_s00712-002-0541-1
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