Thursday, March 7, 2013

The Patently Worthless Patent System

Anyone who is interested in American innovation should read The Case Against Patents by Michael Boldrin and David Levine in the latest JEP. This article resonates with me because I have had my doubts about the patent system for some time. I would like to hear a strong case from anyone who believes that a patent should last for twenty years, which is the current U.S. law. I fully grasp the theory that patents give firms an incentive to innovate by allowing them to capture profits related to their innovations, I'm just in the camp that believes competition is a more effective mechanism at achieving innovation than granting 20 year monopolies will ever be.

This is something that Congress needs to take a serious look at.

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