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Patents, knowledge spillovers, and entrepreneurship

Acs, Zoltan J. and Sanders, Mark W. J. L. (2012) Patents, knowledge spillovers, and entrepreneurship. Small Business Economics, 39 (4). pp. 801-817. ISSN 0921-898X

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Identification Number: 10.1007/s11187-011-9322-y

Abstract

We develop an endogenous-growth model in which we distinguish between inventors and innovators. This distinction implies that stronger protection of intellectual property rights has an inverted U-shaped effect on economic growth. Intellectual property rights protection attributes part of the rents of commercial exploitation to the inventor that would otherwise accrue to the entrepreneur. Stronger patent protection will therefore increase the incentive to do research and development (R&D) and generate new knowledge. This new knowledge has a positive effect on entrepreneurship, innovation, and growth. However, after some point, further strengthening of patent protection will reduce the returns to entrepreneurship sufficiently to reduce the overall growth rate.

Item Type: Article
Official URL: http://link.springer.com/journal/11187
Additional Information: © 2012 Springer
Subjects: H Social Sciences > HC Economic History and Conditions
JEL classification: M - Business Administration and Business Economics; Marketing; Accounting > M1 - Business Administration > M13 - Entrepreneurship
O - Economic Development, Technological Change, and Growth > O3 - Technological Change; Research and Development > O31 - Innovation and Invention: Processes and Incentives
O - Economic Development, Technological Change, and Growth > O3 - Technological Change; Research and Development > O34 - Intellectual Property Rights: National and International Issues
O - Economic Development, Technological Change, and Growth > O4 - Economic Growth and Aggregate Productivity > O41 - One, Two, and Multisector Growth Models
Sets: Departments > Management
Date Deposited: 09 Apr 2014 14:06
Last Modified: 09 Apr 2014 14:06
URI: http://eprints.lse.ac.uk/id/eprint/56460

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