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Patent Policy in an Endogenous Growth Model

Author

Listed:
  • Tatsuro Iwaisako

    (Faculty of Economics, Ritsumeican University, 1-1-1 Noji-Higashi, Kusatsu, Shiga 525-8577, Japan (e-mail: tiwai@ec.ritsumei.ac.jp))

  • Koichi Futagami

    (Faculty of Economics, Osaka University, 1-7 Machikaneyama, Toyonaka, Osaka 560-0043, Japan (e-mail: futagami@econ.osaka-u.ac.jp))

Abstract

We investigate how the patent policy affects economic growth and social welfare based on an endogenous growth model with R&D activities. We show that the patent length that maximizes the social welfare is finite. Moreover, by introducing compulsory licensing, we also show that the patent length that maximizes the social welfare is not infinite even if the royalty rate can be controlled.

Suggested Citation

  • Tatsuro Iwaisako & Koichi Futagami, 2003. "Patent Policy in an Endogenous Growth Model," Journal of Economics, Springer, vol. 78(3), pages 239-258, March.
    • Handle: RePEc:kap:jeczfn:v:78:y:2003:i:3:d:10.1007_s00712-002-0541-1
    DOI: 10.1007/s00712-002-0541-1
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