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24/7 competitive innovation

Quah, Danny (2002) 24/7 competitive innovation. CEP working paper, 1218. Centre for Economic Performance, London School of Economics and Political Science, London, UK.

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Identification Number: 1218

Abstract

Intellectual property (IP) rights differ from ordinary property rights. Historically, societies have tolerated monopolistic inefficiency from IP protection to incentivize intellectual asset creation. This paper considers how competitive markets can optimally allocate resources, bypassing that monopolistic inefficiency. It departs from earlier related work in three ways: First, it allows economic actions undertaken progressively rapidly as technology advances. Second, it weakens property rights yet further, allowing both consumers and asset holders to make and sell copies. Third, it distinguishes nonrivalry from infinite reproduction. The first departure restores the traditional view that competitive markets fail. The second and third, surprisingly, have competitive markets achieve social efficiency.

Item Type: Monograph (Discussion Paper)
Official URL: http://cep.lse.ac.uk/
Additional Information: © 2002 London School of Economics and Political Science
Subjects: H Social Sciences > HB Economic Theory
K Law > K Law (General)
T Technology > T Technology (General)
JEL classification: O - Economic Development, Technological Change, and Growth > O3 - Technological Change; Research and Development > O34 - Intellectual Property Rights: National and International Issues
Sets: Departments > Economics
Research centres and groups > LSE IDEAS
Collections > Economists Online
Research centres and groups > Centre for the Study of Human Rights
Date Deposited: 27 Apr 2007
Last Modified: 16 Aug 2012 10:18
Funders: Economic and Social Research Council
URI: http://eprints.lse.ac.uk/id/eprint/2021

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