Patent Markets in the Global Knowledge Economy

Survey of the theory, empirical evidence and public policy related to the role of patents in a global knowledge economy.

Long regarded as an essential underpinning of technological innovation in successful capitalist economies, the beneficial role of patents has recently been brought into question by those favouring 'open' innovation. This rigorous book surveys the theory, empirical evidence and public-policy related to the role of patents in a global knowledge economy.The development of patent markets should allow for better circulation of knowledge and more efficient allocation of technologies at a global level. However, the beneficial role of patents has recently come under scrutiny by those favouring 'open' innovation, and important questions have been asked, namely: How can we estimate the value of patents? How do we ensure matching between supply and demand for such specific goods? Can these markets be competitive? Can we create a financial market for intellectual property rights? In this edited book, a team of authors addresses these key questions to bring readers up to date with current debates about the role of patents in a global economy. They draw on recent developments in economic analysis but also ground the discussion with the basics of patent and knowledge economics. Striking a balance between institutional analysis, theory and empirical evidence, the book will appeal to a broad readership of academics, students and practitioners.