Do Patents Perform Like Property?

An interesting new read on the question whether patents stimulate innovation or rather hamper it: Boston University School of Law published a study by James E. Bessen and Michael J. Meurer. Do patents provide critical incentives to encourage investment in innovation? Or, instead, do patents impose legal risks and burdens on innovators that discourage innovation, as some critics now claim? This very interesting paper reviews empirical economic evidence on how well patents perform as a property system.