Abstract:

Over the last twenty-five years, the analysis of economic growth has resurfaced as one of the most important issues in economic theory. Innovation is often seen as one of the driving forces for a sustainable long-term economic growth of any country. To achieve long-term sustainable growth, innovation is very important. Following the agreement on Trade Related Intellectual Property Rights (TRIPS), all the member countries of the World Trade Organization (WTO) are urged to establish high standards of intellectual property rights and this protection of intellectual property rights has been a major incentive to innovate

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