Innovations and economic growth

The number of patents at the level of firm or state has become an indicator that influences the position in the rating or access to certain privileges. Being an observable measurable indicator the number of patents is manipulated. Our hypothesis states that obtaining patents for formal reasons distorts the valuation of resources and entails errors in decisions regarding the use of intellectual property. As an example of distortion, one could note a patent pledged to obtain a loan bank. This patent depreciates when the bankruptcy of the copyright holder occurs. While avoiding decision-making errors under a large number of useless inventions in the patent literature one faces increased transaction costs of finding the most valuable results. To illustrate and study this problem, we propose a model of the joint dynamics of the real economy and the research sphere, which exchange their resources: capital and knowledge

Keywords: economic growth model, scientific and technological progress, intellectual property

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