The Relationship of Patenting Applications and Expenditure with Output and Real GDP in Nineteenth Century Colonial New Zealand

Matthew Gibbons () and Les Oxley
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Matthew Gibbons: University of Waikato

Working Papers in Economics from University of Waikato

Abstract: The relationship between patenting and both output series and real GDP was examined using nineteenth century New Zealand patent applications, and applications weighted by fees and required advertising expenditure. For individual output series and real GDP there were considerably more cointegrating relationships with Granger causality for expenditure than for application counts, suggesting the expenditure data provides a better measure of the value of patents. Output series and real GDP usually led patenting, particularly using patent expenditure data, which indicates patentees were concentrating on economic needs. In some of the results, however, output series and real GDP followed patenting.

Keywords: bubbles; New Zealand patents; Granger causality; patent expenditure; GDP (search for similar items in EconPapers)
JEL-codes: N17 N37 N87 O31 (search for similar items in EconPapers)
Pages: 26 pages
Date: 2017-03-15
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