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Full-Text Articles in Law
On The Macroeconomic Effects Of Establishing Tradability In Weak Property Rights, Gunnar Eliasson, Clas Wihlborg
On The Macroeconomic Effects Of Establishing Tradability In Weak Property Rights, Gunnar Eliasson, Clas Wihlborg
Business Faculty Articles and Research
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, andtrade 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 …