Bailouts on the Cheap?
Via Legal Blog Watch, Michele Boldrin and David K. Levine argue that the cheapest (read: free) way to revive the economy would be to abolish copyrights and allow patents only where the applicant can show that (1) his invention has social value, (2) a patent is not likely to block even more valuable innovations and (3) the innovation would not be cost effective without a patent. I’m not sure this would work for patents and copyrights already out there, as revoking an existing patent or copyright without just compensation strikes me as a pretty clear violation of the takings clause, and revoking one with just compensation would be insane. But for future patents and copyrights, why not?
Comments from anyone who isn’t Justin Levine are welcome. Comments from Justin Levine are, too, of course, just as soon as he gets over his “my posts are too good to be tarnished by comments” mentality. Geese, ganders, etc.





