Innovation Policy and the Economy (NBER Innovation Policy by Adam B. Jaffe, Josh Lerner, Scott Stern

By Adam B. Jaffe, Josh Lerner, Scott Stern

The industrial significance of cutting edge task brings with it an energetic debate on public policy's impact at the innovation procedure. This annual sequence, backed via the nationwide Bureau of monetary study, brings the paintings of top educational researchers to the wider coverage group. quantity 6 considers such issues because the range of patent safety and the consequences of susceptible patents for innovation and pageant; reforms in U.S. patent coverage that would motivate innovation; the multifaceted merits of the web for shoppers, together with cost pageant and novel sorts of verbal exchange; the drug improvement and approval procedure; the "offshoring" of study and improvement; and some great benefits of industry-specific reviews of the connection among innovation and pageant. The papers spotlight the position monetary conception and empirical research can play in comparing present and potential innovation coverage possible choices.

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13. S. courts or antitrust agencies. 14. That is, the market power depends on how much competition exists from noninfringing substitutes. 15. , Shapiro (1985), (2003) and Choi (1998). There are also examples, of course, in which the antitrust bonafides are sufficiently clear that the outcome would remain the same regardless of any clarification of patent strength. 16. Evidentiary standards present another obstacle to antitrust cases involving patents. Under the law patents are presumed valid. Those challenging the patent must demonstrate based on “clear and convincing evidence” that the patent should not have issued.

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1973. Patent and Antitrust Law: A Legal and Economic Appraisal. Chicago: University of Chicago Press. Choi, J. 1998. ” American Economic Review 88: 1249–1263. , R. Nelson, and J. Walsh. 2001 (revised). S. ” NBER Working Paper no. 7552. Demski, Joel, T. Lewis, D. Yao, and H. Yildirim. 1999. ” Journal of Law, Economics, & Organization 15: 107–131. Federal Trade Commission. 2003. To Promote Innovation: The Proper Balance of Competition and Patent Law and Policy. Foster, R. 1986. Innovation: The Attacker’s Advantage.

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