Intellectual property and economic growth. A review of empirical studies

In recent decades the issue of Intellectual property rights (IPRs) protection has been at the center of public policy debates. Today, IP rights are recognized as an important economic mechanism, an ‘intellectual currency’ of sorts, that encourages research and development (R&D), creation and innovation in several significant ways. So innovation is important for economic growth, but IPR protection is important for innovation, this way IPR protection becomes important for the economic growth too.The aim of the paper is to make a review of the empirical studies done by different scholars, to show evidence of the relation that exists between IPR protection and economic growth, in developed and developing countries. What happens when strengthening the IPR protection for these countries? At the end the paper concludes that the relationship between intellectual property and economic growth is not so clear. IPR protection impacts on growth rates will differ across countries, depending on their level of development. Not all empirical studies conclude in a positive impact IPR protection and growth. Further studies need to be done to expand the topic further

Keywords:

intellectual property rights , economic growth , innovation , empirical studies