This chapter examines the state of economics of IP policy and its development, and identifies potential areas of growth. Beginning with an exploration of the supply and demand of economic analysis in IP policy, the chapter describes the use of economic evidence of IP, namely understanding of the economic impact of IP, in policy development from the perspectives of industry and policy makers. It notes long-standing challenges in balancing the needs of various parties with the rigour of economic practice, and the success of industry lobbying. It further describes challenges in the development of the economics of IP, as the emergence of economics of IP as a sub-discipline overlaps with existing economic sub disciplines, and the classic difficulties of using social science methods in the intangible world of IP.
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