UIC Review of Intellectual Property Law


Yaniv Gal


In the past couple of decades, many scholars have debated the worthiness of the limited monopoly that patent law provides. The widespread attitude has always been, since the progress of the technological era, that in order to stimulate inventors and possessors of knowledge to embody their knowledge by innovative products, and produce ameliorations into society, they should be given strong proprietary rights over their innovative information and ideas. With the rise of the economic analysis of law, dissident opinions have been starting to emerge, evoking the social damage absorbed due to the current patent system monopoly character in form of a deadweight loss imposed over economic surplus. This article discusses the deficiencies and benefits that exist in the current legal system as they relate to limited monopoly of a patent. Next, it reviews some significant points of view by scholars who approached the aforesaid dispute via an economic analysis. Finally, this article suggests guidelines for a compromise efficient incentive for inventors, which will balance competition rationales.