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14 May 2018

(a) Explain why the assumption of imperfect competition is necessary for endogenous growth models.


(b) How might well enforced intellectual property rights actually lead to divergence rather than convergence?

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Jamar Ferry
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15 May 2018

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Related questions

A) Explain why relative prices of two goods, both produced in each of two countries, will differ prior to any trade taking place ("autarky"). Why profit-seeking will cause each country to specialize - wholly or partially - in producing one of the goods, and why this specialization will increase total world output and income?

B) Explain how "perfect" competition differs from "imperfect" competition, and how firms in so called "oligopolistic" industries might be expected to adjust their prices and outputs in the latter type of structure.

Ā 

Explain Well, in details not shortened.

9. Which of the following statements about knowledge is FALSE?

a. Knowledge can have an external benefit.

b. Patents help create incentives for creating knowledge and do so without any cost.

c. Intellectual property rights can help create incentives for the accumulation of more knowledge.

d. As a productive resource, knowledge might not be subject to diminishing productivity.

The structure of property rights can determine how natural resources are used. In general, economists argue that private property rights regimes are more likely lead to an efficient allocation of the resource. However, private property rights are difficult to achieve with some resources and other property rights systems either naturally emerge or, due to the absence of private property, take precedence.

(A) What are the characteristics of private property and why do economists believe these characteristics lead to efficient allocation of the resource?

(B)Can you think of actual situations where private property rights are bounded (limited) by the government or other stakeholders who may have an interest in how private property is used? Why have these situations arisen and what might be the implication for how the resource in question gets used?

(C)What are the other property rights systems we have discussed in class?

(D)Describe actual situations where these types of property rights systems exist.

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