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Privatization of Knowledge: Did the U.S. Get It Right?

  • Guido Cozzi
  • Silvia Galli

Brilliant ideas are key to economic growth. They often emerge from scientific discoveries with no immediate commercial value - so rewards may not be aligned to effort. Should basic research be publicly or privately funded? And, to foster innovation and growth, what kinds of discovery should be protected? Post 1980, the US intellectual property institutions facilitated the patentability of basic research. The European and other patenting regimes are slowly changing in the same direction, also encouraged by TRIPs. Did the US choose the better path? We build a Schumpeterian model to re-assess this important turning point.

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Paper provided by Business School - Economics, University of Glasgow in its series Working Papers with number 2008_01.

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Handle: RePEc:gla:glaewp:2008_01
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