We construct an R&D-based growth model in which the government can reduce income taxes using seigniorage, that is, revenue from issuing new money. Using this model, we analytically derive the growth rate of the nominal money stock that maximizes welfare and show explicitly how the welfare-maximizing money growth rate depends on the parameters of the economy. In particular, the results show that stronger patent protection lowers the welfare-maximizing money growth rate. Therefore, lower inflation is preferred in countries with stronger patent protection. This theoretical result is consistent with the observed tendency for the inflation rates to be lower in developed countries, where patent protection is stronger than in developing countries.

Technological similarity enables wine operators to share best practices, benchmark against industry standards, and identify new areas of innovation. Despite this, measuring similarity is notoriously challenging. In this paper, I use sentence embeddings on wine patent data to show how similarity compares across different models. I validate the results both internally and externally, showing large discrepancies in annual trends. The results underscore the importance of selecting suitable models for market assessment, providing a valuable primer for both wine operators and technologists.

The emergence of large language models (LLMs) has made it increasingly difficult to protect and enforce intellectual property (IP) rights in a digital landscape where content can be easily accessed and utilized without clear authorization. First, we explain why LLMs make it uniquely difficult to protect and enforce IP, creating a ‘tragedy of the commons.’ Second, drawing on theories of polycentric governance, we argue that non-fungible tokens (NFTs) could be effective tools for addressing the complexities of digital IP rights. Third, we provide an illustrative case study that shows how NFTs can facilitate dispute resolution of IP on the blockchain.

The widespread Internet “piracy” continues to fuel the debate about business models impervious to copyright infringement. We studied the displacement effects of “piracy” on sales in the book industry. We conducted a year-long large-scale field experiment: in the treatment group, we removed unauthorised copies appearing on the Internet and observed the sales data, whereas in the control group, we simply observed sales. We were able to substantially curb the unauthorised distribution, which resulted in a small, positive effect on sales. While using classical analysis we found it not to be significantly different from zero, a Bayesian approach using previous “piracy” studies to generate a prior led to the conclusion that protecting from piracy resulted in a significant sales boost of about 9 per cent.

El trabajo analiza la innovación en la industria militar en España entre 1878 y 1939 a partir de las patentes y los contratos de defensa. El alto porcentaje de contratos de productos patentados (63%) es indicio de una notable relación entre patentes y contratos. Esto se ve confirmado por la coincidencia en el orden de los principales países en ambas variables. El test econométrico confirma la estadística descriptiva y, además, evidencia que las patentes a priori más valiosas (de invención, puestas en práctica, más longevas y empresariales) tienen una correlación más fuerte con los contratos. Desde la óptica sectorial también se observa una correlación positiva y significativa, aunque menos intensa que desde el espacial. El análisis micro confirma la estrecha relación de las patentes con la actividad del sector de armamento militar, explicita los protagonistas y las vías de esa relación (importación, producción local y licencias) y explica las disparidades observadas en el análisis agregado.

In this article, we reconceptualize, using an extended discrete and dynamic Ostrom's classification, the specific intellectual property (IP) regimes that support geographical indications (GIs) as ‘knowledge commons’, e.g. a set of shared collective knowledge resources constituting a complex ecosystem created and shared by a group of people that has remained subject to social dilemma. Geographical names are usually considered part of the public domain. However, under certain circumstances, geographical names have also been appropriated through trademark registration. Our analysis suggests that IP laws that support GIs first emerged in Europe and spread worldwide as a response to the threat of undue usurpation or private confiscation through trademark registration. We thus emphasize the nature of the tradeoffs faced when shifting GIs from the public domain to shared common property regimes, as defined by the EU legislation pertaining to GIs. In the context of trade globalization, we also compare the pros and cons of regulating GIs ex-ante rather than engaging in ex-post trademark litigation in the courts.

This study examines the causal relationship between education and the use of digital collaborative platforms as a first step in exploring the potential impact of the new digital labour markets on inequality. From the viewpoint of transaction costs theory, the less educated could benefit significantly from the digital collaborative economy due to the reduction in information costs made possible by this new form of exchange. Conversely, a positive relationship between educational level and platform use may be expected following neoclassical and institutionalist economic theories. Using microdata from the 2016 Eurobarometer survey, together with an instrumental variables strategy and conventional ordinary least squares models, hypothesis testing reveals that education has a clear positive effect on digital collaborative platform use. As a result, the less educated are less likely to access the job opportunities offered by digital labour markets. Understanding the relationship between education and access to digital collaborative platforms and impacts on socio-economic inequality is crucial for designing future public policies that promote social justice and well-being in a disrupted landscape.

This study uses an econometric approach to investigate the role of IPR protection on renewable energy adoption using panel data of 102 countries at five-year intervals over the period 1990–2005. The Ginarte-Park index is used as a measure of the strength of intellectual property protection while the adoption of renewable energy is measured by the share of renewable energy in total final energy use. The results reveal that the level of intellectual property rights protection and reform of the intellectual property rights regime do not have significant impact on renewable energy adoption, suggesting that IPR protection is not a cause for concern in the global quest for clean energy transition. On the contrary, we find that trade openness has a stronger influence in the transition to clean energy. Based on the findings of the study, we conclude that IPR protection does not influence renewable energy adoption except in high R&D countries; rather policy makers should concentrate efforts on economic factors, such as trade openness, that drive the adoption of renewable energy technologies.

Only half of investment by firms is in physical capital, such as buildings and machinery. The other half is in intangible assets, such as branding, software and training. This has been true for the past two decades or more in the UK, but only if you step beyond the measures in the National Accounts, which include only some of the recognised intangible assets. This paper surveys ongoing work at the Office for National Statistics to develop measures of investment in intangible assets, using new insights and innovative approaches. In particular, this paper reviews developments in three areas: in-house branding investments, employer-funded training investments, and in-house investments in organisational capital. We reconsider some of the key assumptions made in the literature and propose alternative approaches to measurement. The paper concludes by considering implications of this work, and identifies some of the remaining gaps in the evidence base for measuring intangible assets.

In Mexico during the protectionist economic regime a process of industrial modernization was carried out which led to the incorporation of different types of technologies into the structures and processes of production or consumption. The patent policy was implemented with the interest of encouraging the attraction of novel technologies, but their contribution was quite limited due to the nature, design and operation, with which it was conformed. Therefore, the patent policy did not drive patenting activity in a high and sustained manner. It was ineffective to contribute to the development of technologies generated by local actors, and marginally propitiated the productive exploitation of patents.