Acton Institute Powerblog

Cole on “Patent Failure”

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Back in September I posted an announcement about a new book that contributed in interesting ways to our understanding of patent/intellectual property issues. Now Julio Cole’s full review of the book in the Independent Review is available online. An excerpt:

Should we really be surprised that the patent system’s internal dynamics have finally brought us to the point at which the potential profits of patenting have, for most industries, been entirely gobbled up by lawyers’ fees? Isn’t that outcome what we should expect after having studied the literature on rent seeking? If patents are really nothing more than special privileges granted by the state, then wouldn’t we expect the monopoly rents derived from such grants to become dissipated eventually through steady increases in rent-seeking costs?

Kevin Schmiesing Kevin Schmiesing, Ph.D., is a research fellow for the research department at the Acton Institute. He is a frequent writer on Catholic social thought and economics, is the author of American Catholic Intellectuals, 1895-1955 (Edwin Mellen Press, 2002) and is most recently the author of Within the Market Strife: American Catholic Economic Thought from Rerum Novarum to Vatican II (Lexington Books, 2004). Dr. Schmiesing holds a Ph.D. in American history from the University of Pennsylvania, and a B.A. in history from Franciscan University ofSteubenville. Author of Within the Market Strife and American Catholic Intellectuals, 1895—1955 (2002), he serves as Book Review Editor for the Journal of Markets & Morality. He is also executive director of CatholicHistory.net.

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