On the Macroeconomic Effects of Establishing Tradability in Weak Property Rights

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On the Macroeconomic Effects of Establishing Tradability in Weak Property Rights

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dc.contributor.author Eliasson, Gunnar en_US
dc.contributor.author Wihlborg, Clas en_US
dc.date.accessioned 2009-02-04T10:24:54Z
dc.date.available 2009-02-04T10:24:54Z
dc.date.issued 2003-11-21T00:00:00Z en_US
dc.identifier.uri http://hdl.handle.net/10398/6811
dc.description.abstract The New Economy is closely associated with computing & communications technology, notably the Internet. We discuss property rights to, and trade in, the difficult-to-define intangible assets increasingly dominating the New Economy, and the possibility of under-investment in these assets. For a realistic analysis we introduce a Schumpeterian market environment (the experimentally organized economy). Weak property rights prevail when the rights to access, use, and trade in intangible assets cannot be fully exercised. The trade-off between the benefits of open access on the Internet, and the incentive effects of strengthened property rights, depend both on the particular strategy a firm employs to secure property rights, and the protection offered by law. Economic property rights can be strengthened if the originator can find innovative ways to charge for the intangible assets. The extreme complexity of the New Economy and the large number of possible innovative private contract arrangements make it more important to facilitate the use and enforcement of private individualized contracts to protect intellectual property than to rely only on standard mandatory patent and copyright law. Enabling law is one proposed solution. Current patent legislation in the US has led to costly litigation processes weakening the position of small firms and individuals in patent disputes. The property rights of such firms and individuals could be strengthened with insurance or arbitration procedures. Key words: Competence bloc theory, Enabling law, Experimentally Organized Economy, New Economy, Weak property rights, Tradability, Underinvestment. en_US
dc.format.extent 35 s. en_US
dc.language eng en_US
dc.relation.ispartofseries LEFIC working paper;2003-05 en_US
dc.subject.other property rights en_US
dc.subject.other den nye økonomi en_US
dc.subject.other immaterielle aktiver en_US
dc.subject.other patentret en_US
dc.subject.other internet en_US
dc.title On the Macroeconomic Effects of Establishing Tradability in Weak Property Rights en_US
dc.type wp en_US
dc.accessionstatus modt03nov21 inrumo en_US
dc.contributor.corporation Copenhagen Business School. CBS en_US
dc.contributor.department Institut for Finansiering en_US
dc.contributor.departmentshort LEFIC en_US
dc.contributor.departmentuk Department of Finance en_US
dc.contributor.departmentukshort DF en_US
dc.idnumber x656312741 en_US
dc.publisher.city København en_US
dc.publisher.year 2003 en_US


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