Tax Policy for Innovation
A large number of countries around the world now provide some kind of tax incentive to encourage firms to undertake innovative activity. This paper presents the policy rationale for these [...]
Explaining Criminal Sanctions in Intellectual Property Law
This symposium piece first seeks to unpack the relationship between intellectual property infringement and property offenses, and then to understand how the connection between the two has informed when the [...]
Schumpeterian Profits and the Alchemist Fallacy Revised
The present study examines the importance of Schumpeterian profits in the United States economy. Schumpeterian profits are defined as those profits that arise when firms are able to appropriate the [...]
Venture Capital’s Role in Financing Innovation: What We Know and How Much We Still Need to Learn
We begin this paper by tracing the growth of the venture capital industry over the past 40 years, noting how technological and institutional changes have narrowed the focus and concentrated [...]
The Role of Antitrust in Preventing Patent Holdup
Patent holdup has proven one of the most controversial topics in innovation policy, in part because companies with a vested interest in denying its existence have spent tens of millions [...]
Owning Knowledge: A Unified Theory of Patent Eligibility
Patent law’s doctrine of ineligible subject matter is widely agreed to be in a bad state of repair. Even those welcoming the Supreme Court’s return to express subject-matter bars have [...]
The U.S. District Court for the Northern District of Illinois Dismisses Antitrust Case Challenging Patent Thicket (Humira)
Whether behavior relating to a patent thicket presents an antitrust issue is a nuanced question. But a recent ruling involving the biologic Humira shows how not to decide these issues. [...]
Fair Learning
Machine learning requires the copying of extraordinary amounts of copyrighted material. That copying should generally be permitted. Most ML systems copy works not to consume the expression copyright law protects, [...]
The effect of patent expiration on sales of branded competitor drugs in a therapeutic class
Patent expiration is a consequential event for not only the drug undergoing patent expiration, but also the therapeutic class in which the drug is contained. Market dynamics change significantly for [...]
Productivity Benefits of Medical Care: Evidence from US-Based Randomized Clinical Trials
One of the key recommendations of the Second Panel on Cost-Effectiveness in Health and Medicine is to take a societal perspective when evaluating new technologies—including measuring the productivity benefits of [...]