Abstract
This paper studies the effect of intellectual property rights (IPR) on economic growth, in the light of population ageing, i.e., in a more realistic context. The analysis is motivated by the implications of population ageing on economic growth. Moreover, this study analyses this relationship in a north–south framework where there is a healthcare sector. We conclude that population ageing has no impact on the sign of the IPR effect on economic growth. However, it positively affects the steady‐state growth rate. Finally, under some conditions, the presence of the healthcare sector also increases the steady‐state growth rate.
Highlights
Population ageing, especially in the most developed countries, has become an important factor in the economic and social debate
This paper aims to answer the following questions: What is the sign of the ageing impact on economic growth rate? Does the introduction of ageing population change the effect of Intellectual Property Rights (IPR) on economic growth rate? What is the impact of health care on economic growth rate?
The consequences of population ageing have been widely discussed in several areas of society, including as regards several economic matters such as effects on economic growth
Summary
Population ageing, especially in the most developed countries, has become an important factor in the economic and social debate. The authors conclude that this effect may only have a discrete impact regarding the decrease in the economic growth rate in OECD countries They express the considered view that population ageing will not significantly inhibit the economic growth speed in developing (South) countries, which is not the case in non-OECD countries. 2. Setup of the model Mainly bearing in mind Azevedo et al (2014) and Kuhn and Prettner (2012), we describe the fundamental considerations regarding the model’s structure, emphasising the main differences: the changes introduced by considering ageing population and the additional health-care sector. This is in line with the evidence, which suggests that the decrease in period fertility rates detected over the past several years cannot imply a decrease in cohort fertility, but can be caused by the postponement of fertility through a lifespan of increasing duration (e.g., Bongaarts and Sobotka, 2012)
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