Timmy ElsewhereNovember 30, 2008 Tim WorstallTimmy Elsewhere4 CommentsAt the ASI. It doesn\’t matter where something is invented, wealth comes from the use of it. previousSorry?nextOh dear Willie 4 thoughts on “Timmy Elsewhere” bgc November 30, 2008 at 11:38 am Terence Kealey’s excellent new book ‘ Sex, Science and Profits’ argues that the main benefit of technological innovation is the potential lead time advantage of being the first innovator – and this provides sufficient (and proper) incentive for competitive institutions to pusue innovation. Beyond that (as Tim argues here) the general societal benefit derives from widespread copying . He concludes that in _most_ (not all) circumatances, patenting and similar intellectual property rights are overall a bad thing, and tend to stifle innovation. In general the book makes lots of interesting arguments about what really stimulates useful innovation. ‘Read the whole thing’, as they say… Mark Wadsworth November 30, 2008 at 1:17 pm Good point. All those politicians you yap on about subsidising “Research and development’ can stick it in their pipes and smoke it. AntiCitizenOne November 30, 2008 at 2:41 pm That’s why i like the idea of a intellectual property value tax, rather like an LVT. You set the price someone can buy the right from you and pay say 7% a year for the state protection. Works roughly the same as a 20 year patent, but makes it far more likely the patent holder seeks to make use of it rather than block others. The Great Simpleton December 1, 2008 at 8:31 am In the 60’s and 70’s we were always bemoaning the loss of our innovations and innovators to the USA. During that time it got richer a lot faster than we did. Leave a Reply Cancel replyYour email address will not be published. Required fields are marked *Comment Name * Email * Website Save my name, email, and website in this browser for the next time I comment.