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• W433653838 abstract "This study is the first full-scale attempt to begin to examine systematically patents and innovation from an information theoretic perspective - from the perspective of concepts drawn from the emerging field of information economics. Modern economies are becoming more information intensive in the sense that an increasing proportion of economic activity is devoted to the production, distribution and consumption of information. Technology is a particularly important form of information. This study emphasises the unfamiliar characteristics of information and begins to spell out their implications in the context of innovation in general and the patent system's workings in particular. The analysis is based upon the economic characteristics of information and the concept of codifiability, or the making tangible of technology by its codification into machines, blueprints, patent specifications and so on.The first three chapters' introduce the patent system; its conventional economic theory is outlined and critiqued, its effects in economic terms are reviewed; conventional theory is found to leave much unexplained, and conventional economic views of innovation underlying and sustaining the conventional economic theory of the patent system are outlined and critiqued. Conventional views, it is argued, overemphasise tangible technology and the role of the individual innovating firm. From the conventional perspective, a strong patent system seems desirable. Strong property rights enable firms to control their technology and appropriate returns from it, thus providing incentive for the allocation of resources to innovative activity. In short, the stronger the patent system, the more quickly technology is thought to advance. However, as the remaining chapters partly seek to demonstrate, an information theoretic perspective leads the analyst to a quite different conclusion.Chapters 4 and 5 sketch an information theoretic view of innovation. Much technology remains intangible or uncodified and the pace of technological advance, particularly in newer activities, depends partly on the ease of information flow between participants (including rival firms) in the innovative process via various non-market mechanisms that facilitate informational resource allocation. In contrast, patents aid the flow (sale) of tangible technology via the market mechanism.The final chapter focuses the argument specifically on the patent system. Different conclusions flow from an information theoretic perspective compared to those of conventional theory. It is argued that perfect appropriability is not an ideal to aim at, most technology is not easy to imitate, patent disclosure cannot be an important source of technological information, patented inventions rarely appear at the beginning of innovation, and the notion of a workable tradeoff between the production and use of technology is mainly illusion. Information theoretic considerations also provide explanation for a number of aspects of the patent systems workings about which conventional theory has little or nothing to say. The new approach explains the reality and appropriateness of a minor role for the patent system in the innovative process. A basic conclusion for patent policy flowing from information theoretic considerations is to leave the patent system as it is, or weaken it where politically possible." @default.
• W433653838 created "2016-06-24" @default.
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• W433653838 date "1987-01-01" @default.
• W433653838 modified "2023-09-27" @default.
• W433653838 title "Information, innovation, and the patent system" @default.
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