ACADEMIC ARTICLE SUMMARY
Property Rights and Property Rules for Commercializing Inventions
Article Source: Minnesota Law Review, Vol. 85, pg. 697, 2001
Publication Date:
Time to Read: 1 minute readWritten By:
F. Scott KieffTAP Scholar
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ARTICLE SUMMARY
Summary:
This article offers a new view of the benefits of the patent system.
POLICY RELEVANCE
Policy Relevance:
Alternatives to patents, such as rewards, do not help innovators commercialize a product. Patents work something like property rights in protecting innovation. Patents can be tools for challenging monopoly.
KEY TAKEAWAYS
Key Takeaways:
- Some observers have proposed alternatives to the patent system.
- One alternative would provide rewards to innovators.
- Another would be for the government to buy out innovators and put the ideas in the public domain.
- Neither alternative moves ideas all the way from capital investment to successful product, or helps determine which ideas are worth protecting.
- Patents work something like a property right, giving the innovator a right to restrict use.
- Patents can be tools for avoiding or challenging monopolies, which explains why strong patent laws are consistent with antitrust.
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About F. Scott Kieff
F. Scott Kieff is the Stevenson Bernard Professor of Law and Faculty Director of the Center for Law, Economics and Finance (C-LEAF) at George Washington University Law School. His research focuses on the law, economics, and politics of innovation, including entrepreneurship, corporate governance, finance, economic development, trade, intellectual property, antitrust, bankruptcy, medical ethics, technology policy, and health policy.
