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Effects of Patents on the Transition from Stagnation to Growth

Chu, Angus C. and Kou, Zonglai and Wang, Xilin (2019): Effects of Patents on the Transition from Stagnation to Growth.

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Abstract

This study provides a growth-theoretic analysis on the effects of intellectual property rights on the endogenous takeoff of an economy. We incorporate patent protection into a Schumpeterian growth model in which takeoff occurs when the population size crosses an endogenous threshold. We find that strengthening patent protection has contrasting effects on economic growth at different stages of the economy. Specifically, it leads to an earlier takeoff but also reduces economic growth in the long run.

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