Matching Demand and Supply in a Weightless Economy: Market-Driven Creativity With and Without IPRs

Danny Quah ()

No 3317, CEPR Discussion Papers from Centre for Economic Policy Research

Abstract: Many cultural products have the same non-rival nature as scientific knowledge. They therefore face identical difficulties in creation and dissemination. One traditional view says market failure is endemic ? societies tolerate monopolistic inefficiency in intellectual property (IP) protection to incentivize the creation and distribution of intellectual assets. This Paper examines that trade-off in dynamic, representative agent general equilibrium, and characterizes socially efficient creativity. Markets for intellectual assets protected by IP rights can produce too much or too little innovation.

Keywords: Cultural good; Finitely expansible; Innovation; Intellectual asset; Intellectual property; Internet; Ip valuation; Ipr; Knowledge product; Mp3 (search for similar items in EconPapers)
JEL-codes: D90 O14 O30 (search for similar items in EconPapers)
Date: 2002-04
New Economics Papers: this item is included in nep-dev, nep-ent and nep-net
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Citations: View citations in EconPapers (2)

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