We build a growth model with status preference to explore the effects of patent protection on innovation and social welfare. The main results are as follows. There exists a non-monotonic relationship between patent protection and innovation, and the growth-rate-maximizing degree of patent...

This paper theoretically and empirically investigates the effects of patent protection on innovation and economic growth by looking at the interaction between patent system and financial system. On the one hand, patent protection accelerates economic growth through enhancing the value of...

We develop a directed-technological-change model to address the issue of the optimal patent system and investigate how the optimal patent system influences the direction of technological change and the inequality of wage, where patents are categorized as skill- and labor-complementary. The major...

We develop a directed-technological-change model to address the issue of the optimal patent system and investigate how the optimal patent system influences the direction of technological change and the inequality of wage, where patents are categorized as skill- and labor-complementary. The major...

The dominant development strategy chosen by political elites of late industrializing world after WW II was import-substituting industrialization (ISI) strategy, which aimed at catching up with the world technical frontier by rapid industrialization. The nature of the colonial legacies and the...

We develop a knowledge-based growth model to address the issues of directed technological change, wage inequality and economic growth, in which skilled workers are used both in innovation and production. Since skill-biased technological change may lead to a decrease in the average productivity...

We develop a directed-technological-change model to address the issue of the optimal patent system and investigate how the optimal patent system influences the direction of technological change and the inequality of wage, where patents are categorized as skill- and labor-complementary. The major...

Departing from the conventional approach to economic growth, these papers collected here tackle the growth problems in capitalist economy, open economy and socialist economy with a novel definition of representative agent's preference: utility is function of both consumption and capital stock...

This paper reexamines monetary non-superneutrality and the optimality of the optimum quantity of money in the money-in-utility Sidrauski model with endogenous fluctuations of the time preference by introducing in?ation aversion. It is shown that the long-run superneutrality of the standard...