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Matching Demand and Supply in a Weightless Economy: Market-Driven Creativity With and Without IPRs

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  • Danny Quah

Abstract

Many cultural products have the same nonrival 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 tradeoff 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.

Suggested Citation

  • Danny Quah, 2002. "Matching Demand and Supply in a Weightless Economy: Market-Driven Creativity With and Without IPRs," CEP Discussion Papers dp0534, Centre for Economic Performance, LSE.
  • Handle: RePEc:cep:cepdps:dp0534
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    File URL: http://cep.lse.ac.uk/pubs/download/DP0534.pdf
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    Cited by:

    1. Patrick Legros, 2005. "Art and the Internet: Blessing the Curse?," Levine's Bibliography 666156000000000502, UCLA Department of Economics.
    2. Lars Frederiksen & Silvia Rita Sedita, 2005. "Embodied Knowledge Transfer Comparing inter-firm labor mobility in the music industry and manufacturing industries," DRUID Working Papers 05-14, DRUID, Copenhagen Business School, Department of Industrial Economics and Strategy/Aalborg University, Department of Business Studies.

    More about this item

    Keywords

    cultural good; finitely expansible; innovation; intellectual asset; intellectual property; Internet; IP valuation; IPR; knowledge product; MP3; nonrival; software;

    JEL classification:

    • D90 - Microeconomics - - Micro-Based Behavioral Economics - - - General
    • O14 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Industrialization; Manufacturing and Service Industries; Choice of Technology
    • O30 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - General

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