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Intellectual Property

IPRs give creators a monopoly right to their creation or innovation, making excludable a non-rival product that was previously non-excludable. This creates economic inefficiency as long as the monopoly is held. A disincentive to direct resources toward innovation can occur when monopoly profits are less than the overall welfare improvement to society. This situation can be seen as a market failure, and an appropriability problem.

Greenhalgh, C. & Rogers M., (2010). The Nature and Role of Intellectual Property. Innovation, Intellectual Property, and Economic Growth. New Jersey: Princeton University Press. (p. 32-34).

Greenhalgh, C. & Rogers M., (2010). Innovation, Intellectual Property, and Economic Growth. New Jersey: Princeton University Press.