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Of Patents and Property

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Author Info

  • James Bessen

    ()
    (Research on Innovation, Boston University School of Law)

  • Michael J. Meurer

    ()
    (Boston University School of Law)

Abstract

Do patents behave substantially like property rights in tangible assets, in that they encourage development and innovation? This article notes that historical evidence, cross-country evidence, economic experiments, and estimates of net benefits all indicate that general property rights institutions have a substantial direct effect on economic growth. Conversely, with a few important exceptions like chemicals and pharmaceuticals, empirical evidence indicates that intellectual property rights have at best only a weak and indirect effect on economic growth. Further, it appears that for public firms in most industries today, patents may actually discourage investment in innovation for fear of winding up on the losing side of a patent fight, and routine injunctive relief from patent protection may contribute to this problem.

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File URL: http://www.ssrn.com/abstract=1341201
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Bibliographic Info

Paper provided by Research on Innovation in its series Working Papers with number 0901.

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Date of creation: 2009
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Handle: RePEc:roi:wpaper:0901

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Web page: http://www.researchoninnovation.org

Related research

Keywords: property; intellectual property; property rights; patent; property law; patent law; Industrial Revolution; economic growth; natural economic experiments; Eastern European economies; Eastern European transition; free-riders; generic drug;

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Cited by:
  1. Giovanni Ramello, 2011. "Property rights and externalities: the uneasy case of knowledge," European Journal of Law and Economics, Springer, vol. 31(1), pages 123-141, February.

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