Member-only story
The Ideas Anticommons
Risk & Progress| A hub for essays that explore risk, human progress, and your potential. My mission is to educate, inspire, and invest in concepts that promote a better future. Subscriptions are free, paid subscribers gain access to the full archive, including the Pathways of Progress and Realize essay series.
Previously, I explored some of the merits and drawbacks of patenting/intellectual property as a mechanism to incentivize innovation. When comparing patents with prizes, I arrived at the conclusion that patents, while highly imperfect, cannot be completely abolished and replaced with awards. That said, there is certainly room for improvement to the existing IP system. Here we look at some proposals for how we might rethink intellectual property and sharpen the blade of innovation for the 21st century.
To reiterate, economic theory holds that the free market will naturally underinvest in science and innovation. Our global “problem-solving machine” will undersupply new ideas because it’s cheaper and less risky to copy than it is to innovate. Furthermore, basic research, which has no clear return on investment, is largely neglected. This is all because ideas are non-rivalrous. My use of an idea doesn’t prevent anyone else from also using it. Thus, to give an idea…