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The main features of today's IP regime were established for a very different economy.This has contributed to growing monopoly power, slowing productivity growth and rising inequality in many economies over the past couple of decades.As the system expands, patent trolling and litigation soar.Other reforms concern the patents themselves, and include shortening patent terms, introducing use-it-or-lose-it provisions, and instituting stricter criteria that limit patents to truly meaningful inventions.The key to success may lie in replacing the "one-size-fits-all" approach of the current patent regime with a differentiated approach that may be better suited to today's economy. Patents typically carry terms of 20 years (copyright protections run for 70-plus years). Patents, however, are not the only important element of the innovation ecosystem.Government R&D spending focuses on supplying the public good of basic research, which often produces knowledge spillovers that benefit the economy at large.Patent reform could complement such reforms, say, by prohibiting patents from government-supported research, which should be available to all market participants.
History of technological change shows future of work not so dire
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