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Financing Innovation in the United States, 1870 to the Present$
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Naomi R Lamoreaux and Kenneth L Sokoloff

Print publication date: 2007

Print ISBN-13: 9780262122894

Published to MIT Press Scholarship Online: August 2013

DOI: 10.7551/mitpress/9780262122894.001.0001

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PRINTED FROM MIT PRESS SCHOLARSHIP ONLINE (www.mitpress.universitypressscholarship.com). (c) Copyright The MIT Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in MITSO for personal use.date: 26 July 2021

Trading Knowledge: An Exploration of Patent Protection and Other Determinants of Market Transactions in Technology and R&D

Trading Knowledge: An Exploration of Patent Protection and Other Determinants of Market Transactions in Technology and R&D

Chapter:
(p.365) 9 Trading Knowledge: An Exploration of Patent Protection and Other Determinants of Market Transactions in Technology and R&D
Source:
Financing Innovation in the United States, 1870 to the Present
Author(s):

Ashish Arora

Marco Ceccagnoli

Wesley M. Cohen

Publisher:
The MIT Press
DOI:10.7551/mitpress/9780262122894.003.0010

This chapter takes a look at how strong patent rights affect the growth of technology transactions. Several types of welfare benefits are seen to emerge out of this trade, such as how the division of labor may promote specialization, or how it can also give rise to a superior resource allocation that underpins the Ricardian notion of comparative advantage. The chapter then focuses on whether variations in patent protection are capable of explaining variations in the extent of ex ante and ex post technology contracting. The chapter looks especially at fact that given the nature of patents they should in principle rectify the key market failure afflicting ex post technology contracting. This chapter, then, is a first step towards understanding the market and what institutions and factors facilitate its working.

Keywords:   patent rights, technology transactions, welfare benefits, Ricardian notion, comparative advantage, resource allocation, patent protection, ex ante, ex post technology

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