Innovation Policies, including the US Patent System

(2015) Example #2: Sampat-Williams (2019) Intellectual property: theory 10 / 103 Background One of the most important ways in which the public sector supports innovation is through the direct funding of research Federally funded R&D used to be the primary component of total US R&D spending, but that since about 1980 the private sector has grown to account for a higher share of US R&D spending This. [...] Source: Table 4-1 of National Science Foundation (2018) 14 / 103 Value of public research support On the social value of federal funding: How different is the set of innovations society has access to because of public research support? Available evidence from qualitative case studies suggests that many or most scientific discoveries can trace their roots to both public research support and investm. [...] Patent and Trademark Office (USPTO), but discusses various dimensions of international patenting When filing a new patent application, inventors must submit a written description of their invention ▶ Includes a discussion of “prior art”: publicly available information relevant to the originality of the patented invention ▶ Includes a specific list of claims that the applicant seeks to assert intel. [...] (2015) Example #2: Sampat-Williams (2019) Intellectual property: theory 46 / 103 Empirical evidence on patents Patents are traditionally seen as trading off the benefit of more invention against the cost of higher prices during the life of the patent The more effective patent laws are at encouraging research investments, the stronger the case for stronger IP rights Historical literature: market in. [...] 2020] At odds with traditional notions of property rights, in which property rights address the problem of scarcity Theoretical rationale for patents is essential in understanding their use as a policy lever 88 / 103 Theoretical benefits of patents Four main benefits of patents: 1 Allow inventors to appropriate more of the social value of their invention 2 Reward inventors for their contribution t.