When knowledge, wisdom, independent thought, even basic competence were no longer requisites for success, then the media naturally slid into mediocrity, and mastered networking and obsequiousness instead of valuing independence.
The impact of the COVID-19 crisis on the world’s economies, the real story of Thomas Edison and why he was one of the greatest innovators in human history, why China may not be the threat it appears to be (at least not technologically), and some predictions as to what the world may look like in 2050.
Matt Ridley discusses his new book is How Innovation Works, as well as the impact of the COVID-19 crisis on the world’s economies, the real story of Thomas Edison and why he was one of the greatest innovators in human history, why China may not be the threat it appears to be (at least not technologically), and some predictions as to what the world may look like in 2050.
In Book I of “Plato’s Republic,” Socrates observes that master doctors serve as our guardians against the most dangerous diseases while possessing the greatest skills for surreptitiously producing them. The quality of doctors’ character makes all the difference.
Generic penetration in the U.S. pharmaceutical market has increased, providing significant gains in consumer surplus. What impact has this had on the rate and direction of pharmaceutical innovation? While the overall level of drug development activity has increased, our estimates suggest a sizable, robust, negative relationship between generic penetration and early-stage pharmaceutical innovation.
The average price of treating a colorectal cancer patient with chemotherapy increased from about $100 in 1993 to $36,000 in 2005, due largely to the approval and widespread use of five new drugs between 1996 and 2004. We examine whether the substantial increase in spending has been worth it.
Scholarly commentary widely asserts that technology markets suffer from a triplet of adverse effects arising from the strong patent regime associated with the establishment of the Court of Appeals for the Federal Circuit in 1982: “patent thickets” that burden innovation with transaction and litigation costs; “patent holdup” resulting in excessive payouts to opportunistic patent holders; and “royalty stacking” resulting in exorbitant patent licensing fees.
The possibility to seek and obtain injunctions for the infringement of Standard Essential Patents (SEPs) is limited in both the US and the EU. The reasons for restricting the use of injunctions is due to concern of patent holdup, i.e. the possibility of SEP holder to force standard-implementers to accept onerous licensing terms, exceeding patent’s true economic value, as well as seeing injunctions as incompatible with the commitment given by the patent holder that it will license its SEPs on fair, reasonable and non-discriminatory (FRAND) terms.
An increasing number of judges, legislators and scholars wrongly believe that the FRAND commitment was principally created to advance the interests of technology implementers, and should be interpreted by giving a presumptive preference toward those interests. That premise has led courts to take a categorically hostile view toward awarding injunctions against implementers under all circumstances.