Patent protection, capital accumulation, and economic growth

In this paper, we investigate how strengthening patent protection affects economic growth in an endogenous growth model where both innovation and capital accumulation are the driving forces of economic growth. In this model, stronger patent protection raises the profit flow obtained by innovation but reduces the factor demand for capital. This process accelerates innovation but discourages capital accumulation, and because of the negative effect on economic growth through reducing capital accumulation, strengthening patent protection may then impede economic growth. This result contrasts with earlier studies where innovation is the sole driving force for economic growth. Moreover, in an open economy model where technologies are transferred and capital is imported from abroad, the strictest protection of patents enhances technology adoption from abroad but impedes capital accumulation, and thus, the relation derived between patent protection and output can be nonmonotone. In terms of implications, these findings may be able to partly explain the complex relation found by some empirical studies in this area.     

The patterns of patents in China

Innovations are a key driver of long-term economic growth. There has been an explosion of patent filings in China in the past three decades. But empirical studies on the pattern of innovations at the firm level are rather scant primarily due to lack of firm-specific patent data. We have made concerted efforts to match Chinese patent data with a large firm-level database. The matched dataset enables us to examine the patterns of patents at the firm level. Our analysis has revealed several interesting patterns: (1) domestic firms have become increasingly more innovative in terms of patent application; (2) private firms, rather than state-owned enterprises, have been the engine of innovation; (3) rising wages have propelled labor-intensive sectors to become more innovative; and (4) in response to increasing sex ratio imbalances, firms in female-intensive industries have exhibited more innovations than those in male-intensive industries.     

经济政策不确定性与家族企业创新——融资约束及政府补助视角

家族企业作为社会发展的主要参与者,在促进经济增长方面发挥着不可替代的作用。家族企业若想实现长期发展,必然依靠创新。然而,我国家族企业普遍面临创新投入不足、创新产出效率低下等问题。基于2010—2018年中国上市家族企业数据,分析经济政策不确定性对于家族企业创新是否存在激励作用。结果发现,经济政策不确定性提高,会对家族企业创新研发活动投入与产出产生正向激励作用,促进家族企业创新。从融资约束与政府补助视角,分析两者在上述正向激励作用中的调节作用。结果表明,对于融资约束小以及受到政府补助的家族企业而言,其受到经济政策不确定性的正向激励作用更显著,有助于其开展创新研发活动。结论不仅验证了经济政策不确定性对于家族企业创新的激励作用,还揭示了融资约束以及政府补助的调节作用,可为政府制定相应补助政策,构建完善的金融市场提供理论支持和经验证据。     

VENTURE CAPITAL AND INNOVATION: WHICH IS FIRST?

Policy‐makers typically interpret positive relations between venture capital (VC) investments and innovations as evidence that VC investments stimulate innovation (VC‐first hypothesis). This interpretation is, however, one‐sided because there may be a reverse causality that innovations induce VC investments (innovation‐first hypothesis): an arrival of new technology increases demand for VC. We analyze this causality issue of VC and innovation in the US manufacturing industry using both total factor productivity growth and patent counts as measures of innovation. We find that, consistent with the innovation‐first hypothesis, total factor productivity growth is often positively and significantly related with future VC investment. We find little evidence that supports the VC‐first hypothesis.     

Promoting innovation and competition with patent policy

Recently the role of institutions on growth, and especially the influence of Intellectual Property Rights, has been integrated into the Schumpeterian Growth Framework. In this contribution, we highlight the possibility using one patent’s characteristic, the patent height, as an instrument for promoting innovation and growth. We introduce this possibility into the Segerstrom (Am Econ Rev 80:1290–1310, 1998)/Li (Am Econ Rev 93:1009–1018, 2003) quality ladders model of growth. The Li (Am Econ Rev 93: 1009–1018, 2003) generalized model overturns Segerstrom (Am Econ Rev 80:1290–1310, 1998) policy implication in terms of the size of innovations having to be taxed or subsidized by relaxing a crucial assumption on the value of the elasticity of substitution between goods. In this paper, we point out the fact that the innovation size requirement has to be considered as a policy instrument, so that it appears extremely important to consider the case when the innovation size has been made endogenous. A patent policy using the novelty requirement as an instrument for innovation policy enables implementation of the social optimum. The consequences of this policy for market structure and economic growth are then discussed. When the level of the patent novelty requirement is initially high, a patent policy that weakens the patent height can reinforce competition and promote innovation.     

Estimation of the spillover effect between patents and innovation using the GARCH–BEKK model

This study examines the mean and variance spillovers between patents filed and total factor productivity in Pakistan during the period lasting from 1964 to 2015. Using the multivariate generalized autoregressive conditionally heteroskedastic–Baba, Engle, Kraft and Kroner (GARCH–BEKK) model, we find no evidence of mean spillover effects between patents filed and productivity growth. However, the results support the existence of the variance spillover effect, which illustrates that the innovations may affect productivity in the long‐run. Moreover, bidirectional causality in the mean and variance between innovation and productivity growth is non‐existent. We find that R&D/GDP, skilled labour force and economic freedom are the significant factors affecting technological advancements in the country. We also determine that R&D/GDP and economic freedom are the important factors affecting patent activities in Pakistan. Our findings suggest that the government needs to emphasize the regulations of the patent system to safeguard the interests of investors, which ultimately promotes economic growth.     

绿色创新与经济增长动态关系研究——基于VAR模型的实证分析

基于湖北省1993—2018年相关数据,运用VAR模型对绿色创新与经济增长的动态关系进行实证研究,同时将绿色创新分为发明专利授权和实用新型专利授权两个要素。研究发现,经济增长与发明专利授权、实用新型专利授权存在长期协整关系;发明专利授权对经济增长存在“扩散效应”,实用新型专利授权对经济增长先体现“扩散效应”,后体现“挤出效应”,而经济增长对两者均具有“扩散效应”;发明专利授权对经济增长的促进作用明显大于实用新型专利授权对经济增长的促进作用。因此,应积极构建绿色创新与经济增长的长效互动机制;加大绿色创新开发投入,完善绿色创新相关制度;提升绿色创新的投入效率,加速绿色创新成果转化率。     

Effects of a blocking patent on R&D with endogenous survival activities

This study analyzes the effect of strengthening patent protection for innovation and economic growth by introducing a blocking patent into the endogenous growth model developed by Furukawa (Econ Lett 121(1):26–29, 2013a), which features survival activity of patent holders in the R&D sector with a variety-expansion model. Results show that strengthening patent protection can raise the economic growth rate and social welfare through an endogenous survival investment. Additionally, this study examines the effects of increasing subsidies for R&D. We find that increasing R&D subsidy rate can negatively affect economic growth and social welfare because of the investment for survival activities. This result shows the novel role of a blocking patent in determining innovation effects of R&D subsidies. Furthermore, we analyze the effect of patent breadth which is another patent instrument in this model on innovation and economic growth. Results show that the growth and welfare effects of the profit-division rule and the subsidy rate for R&D may vary with the size of patent breadth.     

Energy,knowledge and economic growth

It is argued that the explosive growth experienced in much of the World since the middle of the 19th Century is due to the exploitation and use of fossil fuels which, in turn, was made possible by capital good innovations that enabled this source of energy to be used effectively. Economic growth is viewed as the outcome autocatalytic co-evolution of energy use and the application of new knowledge associated with energy use. It is argued that models of economic growth should be built from innovation diffusion processes, unfolding in history, rather than from a timeless aggregate production function. A simple ‘evolutionary macroeconomic’ model of economic growth is developed and tested using almost two centuries of British data. The empirical findings strongly support the hypothesis that growth has been due to the presence of a ‘super-radical innovation diffusion process’ following the industrial deployment of fossil fuels on a large scale in the 19th Century. Also, the evidence suggests that large and sustained movements in energy prices have had a very significant long term role to play.     

Technological and non-technological innovation and productivity in services vis-à-vis manufacturing sectors

In this paper, the links between investment in innovation activities, innovation outputs (technological and non-technological innovation) and productivity in services vis-à-vis the manufacturing sector are explored using innovation survey data from Uruguay. The size of firms, their cooperation in R&D activities, the use of public financial support, patent protection and the use of market sources of information are very important drivers of the decision to invest in innovation activities across sectors. The main determinants of technological and non-technological innovations are the level of investment in innovation activities and the size of the firm. The results indicate that both technological and non-technological innovations are positively associated to productivity gains in services, but non-technological innovations have a more important role. The reverse happens for manufacturing, where technological innovations are more relevant for productivity.     

Modeling the diffusion of general purpose technologies in an evolutionary multi-sector framework

General purpose technologies (GPTs) are characterized by their pervasive use in the economy. The introduction of a new GPT (product innovation) as well as increasing productivity within a GPT-sector (as a consequence of process innovations) affect the economy in several ways. First, a new GPT offers the opportunity to produce goods by means of cheaper processes; secondly, technical change within the GPT sector influences productivity gains in related sectors. Also social consequences such as changing wage share, technical unemployment and transitional wage inequality can be observed. Finally, the emergence of a GPT often coincides with output decline, preceding economic growth. This paper introduces a multi-sector diffusion model to study these effects by combining classical economics and replicator-dynamics. Empirical evidence is given by the information and communication technology sector in Denmark and its impact on the economic structure from 1966 to 2007.     

Patent assertion entities: do they impede innovation and technology commercialisation?

This article focuses on addressing a primary charge levelled against patent assertion entities (PAEs): that they impede innovation and technology commercialisation activities of US firms. The paper utilises an intellectual property (IP) strategy framework within the construct of a firm business model to delineate PAE typologies, and then evaluates how they ‘fit’ with either a framework for the protection of IP assets or the exploitation of IP assets. The PAE business model operates under neither an IP asset protection nor IP asset exploitation strategy, but its own IP monetisation strategy. Moreover, a review of recent research on the proliferation and economic impact of PAEs is undertaken, with the overwhelming empirical evidence showing that PAEs are having an adverse impact on innovation and technology commercialisation activities of US firms. Potential patent policy reforms and emerging marketplace options are identified for enhancing a business environment conducive to successful technology innovation and commercialisation.     

工艺创新会抑制就业吗？

以中国制造行业159家上市公司2001-2012年的面板数据为样本,从专利数据中分离出工艺专利,实证研究中国制造企业工艺创新对就业的影响。结果显示,工艺创新在整体上具有积极的就业效应,对技术人员数量的促进作用高于对生产人员的促进作用,从而证实了工艺创新有助于扩大企业需求,促进就业。     

多维距离视角下区域专利技术转移影响因素研究

区域创新是促进其经济增长的重要动力，而专利技术转移是区域创新的主要方式之一。将我国区域层面专利技术转移按照转移方向及边界划分为区域外部专利技术流入、流出以及区域内部专利技术流动3个维度，探讨地理距离、经济距离以及产业结构距离等多维距离对上述3个维度区域专利技术转移的影响，以及区域创新环境在上述影响中的调节效应。基于我国2001—2015年区域面板数据，采用Tobit模型对上述影响进行实证检验，得到如下结论：①区域外部专利技术转移明显弱于区域内部专利技术转移，且空间不均衡现象明显；②在多维距离中，产业结构距离对区域专利技术转移具有显著影响且该影响受区域创新环境的调节。产业结构距离增加使得区域内部专利技术流动减少，区域外部专利技术流入与流出增加，且上述作用在区域创新环境较差时尤为明显。最后，基于区域层面提出相关政策建议。     

Discoveries, innovations, and business cycles

There is considerable evidence that the density of basic innovations is peaked at definite periods with intervals of about 40–60 years. This has been used as support for the behavior of economic cycles as postulated by Kontradieff and amplified by Schumpeter. Recently some economists have used this model to forecast economic recovery in the middle or late 1980s.This paper points out that the shape of the clusters of innovation or inventions are different and sharper than those of economic depression or economic recovery. The transfer of knowledge from basic inventions to industrial innovations shortens as one moves from the 18th to the 20th century, and some probable explanations for this are offered. The importance of discoveries and limited discoveries to the process of invention and innovation is discussed. Also shown is that discoveries reveal cluster phenomena which are functionally related to the clusters of invention and innovation.     

创业孵化推动创新引领经济发展的机理分析与实证检验

“十四五”规划提出坚持创新在现代化建设中的核心地位。创业孵化是推动创新引领经济发展的重要环节,是新一轮产业变革的重要载体。孵化器资源整合通过帕累托改进提高资源配置效率,孵化投资通过收入效应提高规模效率,技术服务通过替代效应提高技术效率,进而推动创新引领经济发展。基于2010-2019年中国内地省际面板数据,使用Bootstrap方法、逐步回归法及sobel模型检验创业孵化影响资源配置效率、规模效率与技术效率的中介效应。结果发现：孵化器数量、人员投入、风险投资及技术服务对资源配置效率、规模效率与技术效率具有显著中介效应,创业孵化通过创新产业化路径推动创新引领经济发展。据此,提出如下对策建议：①以平台化、网络化路径扩大孵化器体量,提高资源配置效率;②优化创业孵化资金“入、转、退”制度,提升规模效率;③建设“孵化器4.0”模式众创空间,提升技术效率。     

Innovation in the Service Sector Results from the Italian Statistical Survey

This acticle provides fresh empirical evidence on the relevance and nature of innovation activities in the service sector. The evidence can be summarized as follows: Technological innovation is quite a diffused phenomenon in market services: more than one-third of surveyed firms have introduced technological innovations during the period 1993–95. The amount of financial resources devoted to innovation varies widely across service sectors. Financial, computing and software, engineering, and telecommunication services are the most innovative service sectors. Most service firms can distinguish between innovations in services and in processes. Process innovation emerges as the most diffused typology. Service firms rely on a wide range of innovation sources. The acquisition and development of software and investment in machinery are the most cited. Investment, R&D, and software are the major components of firms’ innovation expenditure. Major obstacles for introducing technological innovation are of an economic nature, that is, cost and risk too high. The two most important objectives of firms’ innovation strategies consist of improving service quality and reducing cost. Technological information is drawn mainly from in-house production departments as well as from outside suppliers of equipment, materials, and components. Public and private research institutions as well as patents and licenses play a very marginal role. Finally, in the near future the importance of technology for firms’ performance is expected to increase in service industries.     

金融市场化、配置效率与地区研发创新

研发创新是决定长期经济增长的关键因素。研究与开发结果的不确定性和收益回报周期长特点,使其高度依赖于外部融资,因而需要金融市场有效发挥要素配置功能。有效率的金融市场是影响研发的重要因素。利用中国分省企业经营环境指数和中国省级宏观数据研究金融市场化对地区自主研发创新的影响,是一个新尝试。研究结果表明,金融市场化通过改善外部融资环境有效地提高了地区研发创新水平,平均而言,正规金融融资便利化程度提高1个标准差,人均专利申请量和人均专利批准量分别提高19.23%和16.39%;民间金融便利化程度提高1个标准差,人均专利申请量和人均专利批准量分别提高25.84%和21.05%。     

Possibility of relicensing and patent protection

We examine the effects of patent protection, paying attention to its role of prohibiting relicensing. We focus on two questions. First, whether does the innovator have an incentive of licensing the concealable (easily kept secret, if not licensed) innovation in the case where patent protection is absent? Second, what effects does patent protection have upon the innovator's payoff and the consumers' welfare? Principal findings include the following: In the case of nondrastic innovations in the sense of Arrow, the innovator has an incentive of licensing even without patent protection. Patent protection generally benefits the innovator, but may cause damage to the consumers for large innovations. For drastic innovations, patent protection has no influence on licensing: Licensing never takes place regardless of whether it is provided or not.