Another Call For Abolishing Patents, This One From the St. Louis Fed

New submitter WOOFYGOOFY writes "The most recent call for curtailing patents comes not just from an unexpected source, the St. Louis Fed, but also in its most basic form: total abolition of all patents. Via the Atlantic Monthly: a new working paper (PDF) from two members of the St. Louis Federal Reserve, Michele Boldrin and David Levine, in which they argue that while a weak patent system may mildly increase innovation with limited side-effects, such a system can never be contained and will inevitably lead to a stifling patent system such as that presently found in the U.S. They argue: '...strong patent systems retard innovation with many negative side-effects. ... the political demand for stronger patent protection comes from old and stagnant industries and firms, not from new and innovative ones. Hence the best solution is to abolish patents entirely through strong constitutional measures and to find other legislative instruments, less open to lobbying and rent-seeking.' They acknowledge that some industries could suffer under a such a system. They single out pharma, and suggest other legislative measures be found to foster innovation whenever there is clear evidence that laissez-faire under-supplies it."

Total abolition of all patents...

[Kojow777]

Wow, someone should patent that idea!

Re:there's a reason for patents

[shaitand]

If only these economists at the Federal Reserve knew as much about economics as you John_3000.

Now if we could just figure out how they got people to invent things before patents.

Re:We Need a New Patent System Based On Freedom

[JustOK]

You can't. It's still under copyright.

Re:We Need a New Patent System Based On Freedom

[stevejf]

its common knowledge that the elves patented "the method of imbuing magical qualities within compositions of matter," (see M.E. pat. '108). Sauron then proceeded to manufacture the rings of power, and the Elves filed a willful infringement claim in King's Court. Meanwhile, the elves got an injunction against Sauron in a Valinor court (which is commonly known to be an easy place to get an injunction), but a Gondor court held that it was unenforceable. Settlement negotiations quickly fell apart, leading to the War of the Last Alliance in SA 3434.