Explain how patents and copyrights create incentives for innovation by allowing creators to enjoy the future returns on their current investments.

(A similar distinction-primary versus total-applies to the budget surplus and the budget balance.) The Intertemporal Budget Constraint. Budget constraints play ... Dec 30, 1991 ... ... intertemporal budget constraints, but nevertheless satisfy the nation's budget constraint. In most cases this has occurred because changes ... The intertemporal budget constraint? Below are 3 quotes from our book. The slope of the budget constraint is determined by the relative price of the two goods, ... a consumption bundle on the boundary of their budget constraint. According to the intertemporal budget constraint, the present dis- counted value of ... The intertemporal budget constraint is based on the assumption that income and interest rates are ... A. determined by the consumer. B. determined by the gov't Sep 3, 2019 ... ... budget constraint is always binding ⇒ the consumer spends all his life-time income. 6 / 37. Page 7. Budget constraint. • To plot the budget ... ... intertemporal budget constraint, has long been a concern. Download to read ... and C.E. Walsh, 1988, Common trends, the government budget constraint ... Bt ≥ −. ¯. B or Ct ≤ Wt. Intertemporal budget constraints. • Relate the borrowing constraint to ability to pay. • A complete-markets notion. • Firm: market ... Mar 16, 2019 ... Comments Section ... Given the flow budget constraint given in the beginning, just plug in for t =1,2,3. And use the fact that a3=a0=0. Dec 7, 2015 ... Another central concept is the intertemporal budget constraint, according to which the present value of current and future government ...