A Natural Experiment on Innovation Without Patents

Innovation occurs within a complex web of law. Of the myriad legal doctrines that affect innovation, the most directly relevant is intellectual property, particularly patent law. Despite the faith many have in the societal benefits afforded by patent protection, a crescendo of recent critics have suggested that the patent system may complicate, slow, or even thwart innovation. Empirical evidence evaluating how well the patent system achieves its...