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 build a growth model with status preference to explore the effects of patent protection on innovation, inequality and social welfare. The main results are as follows. There is a non-monotonic relationship between patent protection and innovation. In addition, the effect of patent protection...

This study incorporates heterogenous households into the Schumpeterian model with the spirit of capitalism (SOC) to study income inequality. The SOC is modeled as wealth entering the utility function. Our results are as follows. First, a stronger SOC decreases consumption inequality, whereas...

We develop a knowledge-based endogenous growth model to address the issue of directed technological change, in which skilled workers are used both in innovation and consumer goods production. Using the model, we investigate how the direction of technological change influences scale effect and...