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Intellectual Property Rights and the Knowledge Spillover Theory of Entrepreneurship
Author

Acs, Zoltan J.

Max Planck Institute of Economics

Sanders, Mark

published
Thu Sep 11 2008
Number of discussion paper

2008-069

keyword(s)

Endogenous Growth

Entrepreneurship

Incentives

Intellectual Property Rights

Knowledge Spillovers

Rents

abstract

We develop a model in which stronger protection of intellectual property rights has an inverted U-shaped effect on innovation. Intellectual property rights protection allows the incumbent firms to capture part of the rents of commercial exploration that would otherwise accrue to the entrepreneurs. Stronger patent protection will increase the incentive to do R&D and generate new knowledge. This has a positive impact on entrepreneurship and innovation. However, after some point, further strengthening patent protection will reduce the returns to entrepreneurship sufficiently to reduce overall economic growth.

article pub. typess JER
Research article
article languages JER
Englisch
article research fields JER
economics
JEL-Classification for JER
J24 - Human Capital; Skills; Occupational Choice; Labor Productivity ; L26 - Entrepreneurship ; M13 - New Firms; Startups ; O3 - Technological Change; Research and Development