I recently encouraged folks to check out "This American Life"'s take on the American Patent Problem. (NOTE: the same show also aired on NPR's "Planet Money".
Well the economist listened and decided to chime in too. Folks if you have listened/read any of this yet... please do. I don't know what's going to change US Patent Law but the system needs to change and the first step is awareness.
AMERICA is still in denial, but among economists and wonks I think the hard truth is settling in: we're not as rich as we thought we were and our prospects for future high growth rates aren't looking so great. America's last best hope for breaking free from what Tyler Cowen has called "the great stagnation" is the discovery of new "disruptive" technologies that would transform the possibilities of economic production in the way the fossil-fuel-powered engine did. As it stands, growth, such as it is, depends largely on many thousands of small innovations increasing efficiency incrementally along many thousands of margins. Innovation and invention is the key to continuing gains in prosperity.
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