Via the Atlantic Monthly,
a new working paper from two members of the St. Louis Federal Reserve, Michele Boldrin and David Levine:
in which they argue that while a weak patent system may mildly increase innovation with limited side-effects, such a system can never be contained and will inevitably lead a stifling patent system such as that presently found in the U.S.
They argue: "...strong patent systems retard innovation with many negative side-effects. and
They acknowledge that some industries could suffer under a such a system, they single out pharma, and suggest that other legislative measures be found to foster innovation whenever there is clear evidence that laissez-faire under-supplies it.