Economists call for patent and copyright abolition

Two economists at Washington University in St Louis have published a paper arguing that copyright and patent are a net drag on the economy and should be abolished.
"From a public policy view, we'd ideally like to eliminate patent and copyright laws altogether," says Levine, John H. Biggs Distinguished Professor of Economics. "There's plenty of protection for inventors and plenty of protection and opportunities to make money for creators. It's not that we see this as some sort of charitable act that people are going to invent and create things without earning money. Evidence shows very strongly there are lots of ways to make money without patents and copyright."

Levine and Boldrin point to students being sued for 'pirating' music on the internet and AIDS patients in Africa dying because they cannot afford expensive drugs produced by patent holders as examples of the failure of the current system. Boldrin, the Joseph Gibson Hoyt Distinguished Professor in Arts & Sciences and Chair of the economics department says, "Intellectual property is in fact an intellectual monopoly that hinders rather than helps the competitive free market regime that has delivered wealth and innovation to our doorsteps..."

They call on Congress to reverse the burden of the proof on patent seekers by granting patents only to those capable of proving that:

• their invention has social value

• a patent is not likely to block even more valuable innovations

• the innovation would not be cost-effective absent a patent

Economists Say Copyright and Patent Laws Are Killing Innovation; Hurting Economy (via /.)