Authors: Peter Lynn
Date Submitted: May 31, 2004
Article Type: Journal

What do you know about patents? Want to be depressed? Read on.

Originally monopolies over some product or service granted at the whim of royalty to those in their favor or for a cut of the proceeds (that is, a bribe), patents have evolved into a sort of social contract between inventors and the state. A balance has been struck. In return for being granted a limited monopoly (maximum of 20 years) on an original invention, the inventor is required to publish a complete description and ensure by way of manufacturing or licensing that sufficient are available to meet public demand.

Without some period of exclusivity, that is if every new thing could immediately be copied by anyone who wished to, inventing is uneconomic. And the rewards for those things that do work have to be high enough to pay for all the attempts that don’t as well.

Countries that do not have enforceable intellectual property law do not produce innovations at anything like the rate per capita of countries that do.

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