英文摘要 |
The main purpose of this paper is to compare the growth effect of intellectual property rights protection (IPRP) with that of research and development subsidies (R&DS). To achieve this aim, we consider a closed economy, with a demand-side based on the Blanchard (1985) uncertain lifetimes’ approach, and supply-side based on the R&D endogenous growth model developed by Romer (1987). It is found that IPRP contributes a positive effect on the balanced growth rate of the economy if the probability of death and birth is small enough, but it reduces the balanced growth rate of the economy if the probability of death and birth is relatively large. It is also found that R&DS boosts the balanced economic growth rate regardless of whether the probability of death and birth is large or small. Consequently, for the sake of stimulating the economy’s growth rate, R&DS is generally superior to IPRP. |