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Creator: Boldrin, Michele and Levine, David K. Series: Staff report (Federal Reserve Bank of Minneapolis. Research Department) Number: 303 Abstract:
We construct a competitive model of innovation and growth under constant returns to scale. Previous models of growth under constant returns cannot model technological innovation. Current models of endogenous innovation rely on the interplay between increasing returns and monopolistic markets. In fact, established wisdom claims monopoly power to be instrumental for innovation and sees the nonrivalrous nature of ideas as a natural conduit to increasing returns. The results here challenge the positive description of previous models and the normative conclusion that monopoly through copyright and patent is socially beneficial.
Palavra-chave: Endogenous technological change, Monopoly power, and Innovation Sujeito: O31 - Innovation and Invention: Processes and Incentives, O33 - Technological Change: Choices and Consequences; Diffusion Processes, D62 - Externalities, L16 - Industrial Organization and Macroeconomics: Industrial Structure and Structural Change; Industrial Price Indices, O11 - Macroeconomic Analyses of Economic Development, and O34 - Intellectual Property and Intellectual Capital
Creator: Boldrin, Michele and Levine, David K. Series: Staff report (Federal Reserve Bank of Minneapolis. Research Department) Number: 339 Abstract:
In the modern theory of growth, monopoly plays a crucial role both as a cause and an effect of innovation. Innovative firms, it is argued, would have insufficient incentive to innovate should the prospect of monopoly power not be present. This theme of monopoly runs throughout the theory of growth, international trade, and industrial organization. We argue that monopoly is neither needed for, nor a necessary consequence of, innovation. In particular, intellectual property is not necessary for, and may hurt more than help, innovation and growth. We argue that, as a practical matter, it is more likely to hurt.
Palavra-chave: Growth, Trade, Capital Accumulation, Intellectual Property, and Innovation Sujeito: L43 - Legal Monopolies and Regulation or Deregulation, F11 - Neoclassical Models of Trade, O47 - Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence, O34 - Intellectual Property and Intellectual Capital, L11 - Production, Pricing, and Market Structure; Size Distribution of Firms, and O31 - Innovation and Invention: Processes and Incentives