Does the US patent system as currently constituted hold up or push forward the commercialization of technological innovations? Does the US patent system frustrate or facilitate the inventive activities and entrepreneurial processes central to economic growth? The US patent system is a solution to a delicate balancing act where the complete absence of intellectual property rights or the overly broad specification of those rights can thwart innovation. Inventors require the means to earn a return on the years spent perfecting an invention
Hosts Charles Calomiris and Allan Meltzer, examine the theory, history, and practical consequences of lender of last resort assistance in a variety of countries and contexts and how to avoid financial bailouts.