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32. Reforming U.S. Patent Policy: Getting the Incentives Right
- Author:
- Keith E. Mascus
- Publication Date:
- 11-2006
- Content Type:
- Working Paper
- Institution:
- Council on Foreign Relations
- Abstract:
- America's robust economic competitiveness is du e in no small part to a large capacity for innovation. That capacity is imperiled, however, by an increasingly overprotective patent system. Over the past twenty-five years, American legislators and judges have operated on the principle that stronger patent protection engenders more innovation. This principle is misguided. Although intellectual property rights (IPR) play an important role in innovation, the recent increase in patent protection has not spurred innovation so much as it has impeded the development and use of new technologies.
- Topic:
- Development, Economics, and Markets
- Political Geography:
- United States, China, and America
33. Housing and American Recessions
- Author:
- John H. Makin
- Publication Date:
- 12-2006
- Content Type:
- Policy Brief
- Institution:
- American Enterprise Institute for Public Policy Research
- Abstract:
- A weak housing sector has accompanied every American recession since 1965, but not every episode of housing weakness has accompanied a recession. An annual drop in the growth rate of residential investment (a good measure of homebuilding activity) of more than 10 percent has coincided with a recession five of the seven times it has occurred since 1965. (In 1967 and in 1995, declines in residential investment occurred without a recession.) A significant drop in residential investment therefore appears to be a necessary condition, but not a sufficient condition, for a U.S. recession.
- Topic:
- Economics, Human Welfare, and Markets
- Political Geography:
- United States and America
34. U.S. Slowdown: Self-Correcting or Self-Reinforcing?
- Author:
- John H. Makin
- Publication Date:
- 11-2006
- Content Type:
- Policy Brief
- Institution:
- American Enterprise Institute for Public Policy Research
- Abstract:
- The U.S. economy has slowed to a level below its trend growth rate during the second half of 2006. Trend growth, the rate that can be sustained over time without rising inflation, is probably about 3 percent, having been reduced by a quarter of a percentage point by weaker productivity data. As has often been the case over the past five years, the slowdown itself has set into motion market adjustments that may mitigate or even reverse it. Since August, interest rates on benchmark tenyear treasuries have dropped by about 60 basis points. That reduction, coupled with a stock market that is rising in part because of lower interest rates, has caused an easing of financial conditions equal to nearly 100 basis points since late June on the Goldman Sachs Financial Conditions Index. Meanwhile, since August, the price of oil has dropped by about $18 per barrel—which, if sustained, would be enough to add about 0.7 percentage points to U.S. growth over the next year.
- Topic:
- Development, Economics, and Markets
- Political Geography:
- United States and America
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