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Patent policy and innovation

In: Elgar Encyclopedia on the Economics of Knowledge and Innovation

Author

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  • Ruchi Sharma

Abstract

Patent policy gained institutional framework during the middle ages with the growth of technology and trade. The first patent code by the Venetian Senate in 1474 laid the foundation for modern patent laws. The theoretical underpinning in economics developed later with the concept of marginalism. This chapter surveys benefits and costs of patent policy in incentivizing innovation and underscores that there is no straightforward answer, as the net impact of the patent protection on innovation is conditioned by different factors. Lastly, it points at the possible future direction for empirical research.

Suggested Citation

  • Ruchi Sharma, 2022. "Patent policy and innovation," Chapters, in: Cristiano Antonelli (ed.), Elgar Encyclopedia on the Economics of Knowledge and Innovation, chapter 47, pages 381-388, Edward Elgar Publishing.
  • Handle: RePEc:elg:eechap:19760_47
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