Strong Steam, Weak Patents, or the Myth of Watt’s Innovation-Blocking Monopoly, Exploded
AbstractJames Watt’s 1769 patent is widely supposed to have stood in the way of the development of high-pressure steam technology until it finally expired in 1800. We dispute this popular claim. We show that although it is true that high-pressure steam technology developed only after the expiration of Watt’s patent, the delay was due to factors other than that patent itself, including the widely held opinion that the use of high-pressure engines were excessively risky. Indeed, Watt’s monopoly rights may actually have hastened the development of the high-pressure steam engine by inspiring Richard Trevithick to revive a supposedly obsolete technology so as to invent around them.
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Bibliographic InfoArticle provided by University of Chicago Press in its journal The Journal of Law and Economics.
Volume (Year): 54 (2011)
Issue (Month): 4 ()
Pages: 841 - 861
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Web page: http://www.journals.uchicago.edu/JLE/
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