IPR grants inventors certain exclusive rights over their creations; it aims to encourage creative activity for the benefit of society by affording inventors an opportunity to derive fair returns from their investments. Traditionally, IPR is divided into two forms: industrial property rights and copyright. Industrial property takes a range of forms and includes patents to protect inventions, trademarks, industrial designs and commercial names.
Global patenting activity is on the rise. World Intellectual Property Indicators PDF show that the total number of patent filings worldwide in exceeded 2 million for the first time, with a growth rate of 7. A patent is the right granted to a patent holder by a state, or by a regional office acting for several states, which allows the patent holder to exclude others from commercially exploiting their invention for a limited period without authorisation.
By granting such rights, patents provide incentives for innovators, offering them recognition for their creativity and enabling them to appropriate the returns of their investment. A patent may be a powerful business tool allowing innovators to gain exclusivity over a new product or process, develop a strong market position and earn additional revenue through licensing. Various departments in companies, including research units and specialised lawyers, play a key role in the development of inventions, as well as in the process of preparing and filing patent applications and obtaining, maintaining and exploiting patents.
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J Popul Econ — Rev Econ Dyn — Download references. The authors would like to thank Oded Galor, Madeline Zavodny, and three anonymous Referees for their helpful comments.
You can also search for this author in PubMed Google Scholar. It shows that the residual of the regression of panel data constituting three variables, one being dependent among them, is stationary at level as the probability value of the ADF is at par the desired value of 0.
Lastly, the results of Fisher-Johansen test, as presented in Table 5 , show that there is no cointegrating relation among the three variables across the panel of the countries since both the trace test and max-eigen value statistics produce insignificant results in statistical terms.
Since the selected three variables are found not being at the equilibrium relation as there was no cointegrating relations among them, no question of error correction, thus, arises. Therefore, we shift our point of attention from long-run to short-run interplays among the three variables. The optimum lag is derived to 2, where most of the measuring sticks take lower values.
We first estimate the coefficients of the VAR set up Eqs. Column 1 presents the list of lagged independent variables and columns 2 to 4 cover the list of first differenced dependent variables. Columns 2, 3 and 4 respectively represent Eqs. The similar types of conclusions are also obtained for changes in the number of patents acting as dependent variable column 3. Let us explore the causal interplays among the three series as part of the short-run analysis.
The null hypotheses in all the cases refer to the instance that there are no causal effects from any of the two or all variables into any one. We have thus three sets of test results.
The optimum lag is again derived as 2. The graphs of impulse responses IR and the table for variance decompositions VD are presented in the Appendix.
The estimated results of VAR are robust as it is stable since all the inverse roots of the AR polynomial lie within the unit circle graph is in the Appendix in the one hand, and on the other hand, they satisfy the VAR residual normality tests Table 8 in line with Jarque-Bera. This means that whatever is significantly observed in particular countries may not happen so for the aggregated pooled data.
The funds could have been used in different income-generating economic, social and environmental activities to ensure sustained development of the individual as well as groups of nations. There have been debates in the existing literature on whether spending on research and developmental activity at all influence the growth of a nation. Some studies report in its favour and others do not.
This is one sort of social cost as mentioned in different studies. The present study, based on the panel of leading income groups and countries, has arrived at the similar conclusions. The results of the present study mostly agree with the observations of Nordhaus , Aghion and Howitt , Levin et al.
The study is now in a position to wrap up. Again, the number of patents does not affect income growth rates. The study has not used data of any third party. Aghion, P. A model of growth through creative destruction. Econometrica , 60 2 , — Article Google Scholar. Almeida, A. An international panel data assessment.
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