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Patent reform: a mixed blessing for the U.S. economy?

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  • Robert M. Hunt

Abstract

The 1980s represented a period of dramatic change in the design and enforcement of U.S. intellectual property law. Many of these changes were adopted in the hopes of stimulating private research and development and improving the technological competitiveness of American industries. This article examines the effects of an especially important aspect of these changes: many more inventions qualify for patent protection than before. While it seems logical that making patents easier to obtain will encourage more inventive activity, economic analysis reveals this is not always true, and it is less likely to be true in industries that innovate rapidly.

Suggested Citation

  • Robert M. Hunt, 1999. "Patent reform: a mixed blessing for the U.S. economy?," Business Review, Federal Reserve Bank of Philadelphia, issue Nov, pages 15-29.
    • Handle: RePEc:fip:fedpbr:y:1999:i:nov:p:15-29
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    File URL: https://www.philadelphiafed.org/-/media/frbp/assets/economy/articles/business-review/1999/november-december/brnd99rh.pdf
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    References listed on IDEAS

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    1. Hall, B.H., 1999. "Innovation and Market Value," Economics Papers 1999-w3, Economics Group, Nuffield College, University of Oxford.
    2. Zvi Griliches, 1984. "R&D, Patents, and Productivity," NBER Books, National Bureau of Economic Research, Inc, number gril84-1.
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    Cited by:

    1. Robert M. Hunt, 2004. "Patentability, Industry Structure, and Innovation," Journal of Industrial Economics, Wiley Blackwell, vol. 52(3), pages 401-425, September.
    2. Adam P. Balcerzak & Elżbieta Rogalska, 2011. "The Significance of Intellectual Protection Rights System in the Knowledge Based Economy," Ekonomia journal, Faculty of Economic Sciences, University of Warsaw, vol. 27.

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