Matching Demand and Supply in a Weightless Economy: Market-Driven Creativity With and Without IPRs
AbstractMany cultural products have the same non-rival nature as scientific knowledge. They therefore face identical difficulties in creation and dissemination. One traditional view says market failure is endemic – societies tolerate monopolistic inefficiency in intellectual property (IP) protection to incentivize the creation and distribution of intellectual assets. This Paper examines that trade-off in dynamic, representative agent general equilibrium, and characterizes socially efficient creativity. Markets for intellectual assets protected by IP rights can produce too much or too little innovation.
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Bibliographic InfoPaper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 3317.
Date of creation: Apr 2002
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Find related papers by JEL classification:
- D90 - Microeconomics - - Intertemporal Choice - - - General
- O14 - Economic Development, Technological Change, and Growth - - Economic Development - - - Industrialization; Manufacturing and Service Industries; Choice of Technology
- O30 - Economic Development, Technological Change, and Growth - - Technological Change; Research and Development; Intellectual Property Rights - - - General
This paper has been announced in the following NEP Reports:
- NEP-ALL-2003-02-18 (All new papers)
- NEP-DEV-2003-02-18 (Development)
- NEP-ENT-2003-02-18 (Entrepreneurship)
- NEP-NET-2003-02-18 (Network Economics)
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