By Adam B. Jaffe, Josh Lerner, Scott Stern
The industrial significance of leading edge task brings with it an energetic debate on public policy's impression at the innovation technique. This annual sequence, subsidized through the nationwide Bureau of financial learn, brings the paintings of major educational researchers to the wider coverage group. quantity 6 considers such issues because the range of patent defense and the consequences of vulnerable patents for innovation and pageant; reforms in U.S. patent coverage that might motivate innovation; the multifaceted merits of the web for shoppers, together with expense pageant and novel different types of communique; the drug improvement and approval method; the "offshoring" of analysis and improvement; and the benefits of industry-specific experiences of the connection among innovation and pageant. The papers spotlight the position fiscal idea and empirical research can play in comparing present and potential innovation coverage choices.
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Additional info for Innovation Policy and the Economy (NBER Innovation Policy and the Economy, Volume 6)
Example text
The first two of these concepts are aimed at making the PTO more effective at reasonable cost. The third addresses the reality that the best of all possible PTOs will still make mistakes, and so we need a court system that is capable of rectifying those mistakes. The next section considers the possible implementation of the changes at the PTO. VI. The Quest for Quality at the PTO At a conceptual level, ensuring the quality of the PTO examination process has two key building blocks. indd 38 6/13/06 2:56:53 PM Innovation and Its Discontents 39 the wheat from the chaff.
The number of patent cases filed has doubled in a decade and continues to rise. And the cost of defending a patent suit has risen as well; a patent infringement allegation from a competitor can now mean legal fees in the millions. For an under-capitalized startup, this prospect creates an overwhelming pressure to settle even frivolous complaints. Consumers therefore have less access to new products—from lifesaving drugs to productivity-enhancing software—than would be the case if innovative companies were not distracted from innovation by litigation and fear of litigation.
Indd 33 6/13/06 2:56:52 PM 34 Jaffe and Lerner developed, because that significance depends on subsequent developments, both technological and economic. Many, many, “good” ideas are patented that never actually turn out to be worth anything. It is not that they shouldn’t have been patented to begin with. It’s just that for every invention with lasting technological or economic significance, there will always be dozens or hundreds of ideas that seemed potentially worthwhile, but which eventually proved to be valueless.
