This paper explores the interaction between long run economic growth, financial development, and intellectual property rights through a general equilibrium, over-lapping generation, infinite horizon, endogenous R&D model with heterogeneous agents. I find that a reduced collateral constraint leads to both an ability to engage more heavily in research and a reduced incentive to engage in research...

This paper develops a real options model of capital structure to understand two distinct roles played by intellectual capital in corporate financing decisions. First, intellectual capital limits a firm’s debt capacity because of its low liquidation value. Second, intellectual capital enhances a firm’s debt capacity through its positive impact on the earnings dynamics. We show that the former is...

Researchers studying the differential commitment of countries to intellectual property rights, often appear to run into the claim that countries with a relatively higher and significantly changing technological base (the developed countries) opt for relatively stronger protection, whereas those with a relatively low and essentially unchanging technological base (the developing countries) opt fo...

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After the Agreement on the Trade-Related Aspects of Intellectual Property Rights (TRIPS) came into operation in 1995 developing countries have found themselves in a process of continual negotiation over intellectual property rights and access to medicines. These negotiations have taken place in the World Trade Organization and in the context of free trade agreements. The paper suggests that the...

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Part one of this paper considers the question of property rights in general and asks how such rights can be justified, contrasting Consequentialist with other approaches and concludes that it is impossible to avoid a broadly Consequentialist approach. Part two considers the question of intellectual property (IP) and asks how property rights justifications apply to it. The basic economics if IP ...

Why is Europe so critical of GMO crops? As long as it is cheaper to import food than to produce it locally, Western European countries have no need for GMO crops. Where it does matter is Africa. In my scientific opinion, GMO food is safe to eat, GMO crops can increase yield and, when used wisely, are good for the environment. Unfortunately, scientists are helpless in the emotional and political...