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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. Forthcoming in: Journal of Population Economics

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Abstract

This study provides a growth-theoretic analysis of the effects of intellectual property rights on the take-off of an economy from an era of stagnation to a state of sustained economic growth. We incorporate patent protection into a Schumpeterian growth model in which take-off 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 development. Specifically, it leads to an earlier take-off but also reduces economic growth in the long run.

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