The evolution of patent policy: redefining inventiveness
Economists assume patented inventions contain new knowledge which creates the spillover benefits providing dynamic efficiency gains to offset the static efficiency losses of the monopoly grant. Unfortunately this assumption is out-of-date. A minor difference in design is now taken as sufficient inventiveness to merit a monopoly. This paper discusses the difference between economic and legal approaches to determining if an 'invention' merits a monopoly. It presents detail on the policy rules...[Show more]
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