Intellectual property rights, the generation of innovations

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Chapter 23 in The Economic Analysis of Civil Law, 2022, pp 546-563 from Edward Elgar Publishing

Abstract: A patent or other intellectual property rights restrict imitation and provide the innovator with an economic rent, possibly a monopoly position. This restricts competition in markets for goods and services and leads to welfare losses, as with any monopoly. However, it can -but not necessarily does-promote competition in the markets for ideas and thus leads to welfare gains through the generation of new knowledge. It is the task of the legal system to provide a set of legal norms in which these dynamic welfare gains from new knowledge remain marginally higher than the static welfare losses. Law and economics research has shown intellectual property often leads to multiple veto positions, which hamper rather than promote its policy target.

Keywords: Economics and Finance; Law - Academic (search for similar items in EconPapers)
Date: 2022
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