Showing archive for: “Innovation & Entrepreneurship”
How Not to Promote US Innovation
President Joe Biden’s July 2021 executive order set forth a commitment to reinvigorate U.S. innovation and competitiveness. The administration’s efforts to pass the America COMPETES Act would appear to further demonstrate a serious intent to pursue these objectives. Yet several actions taken by federal agencies threaten to undermine the intellectual-property rights and transactional structures that ... How Not to Promote US Innovation
Unpacking the Flawed 2021 Draft USPTO, NIST, & DOJ Policy Statement on Standard-Essential Patents (SEPs)
Responding to a new draft policy statement from the U.S. Patent & Trademark Office (USPTO), the National Institute of Standards and Technology (NIST), and the U.S. Department of Justice, Antitrust Division (DOJ) regarding remedies for infringement of standard-essential patents (SEPs), a group of 19 distinguished law, economics, and business scholars convened by the International Center ... Unpacking the Flawed 2021 Draft USPTO, NIST, & DOJ Policy Statement on Standard-Essential Patents (SEPs)
FTC-DOJ RFI on Merger Guidelines: The Agencies Should Proceed with Caution
The Jan. 18 Request for Information on Merger Enforcement (RFI)—issued jointly by the Federal Trade Commission (FTC) and the U.S. Justice Department (DOJ)—sets forth 91 sets of questions (subsumed under 15 headings) that provide ample opportunity for public comment on a large range of topics. Before chasing down individual analytic rabbit holes related to specific ... FTC-DOJ RFI on Merger Guidelines: The Agencies Should Proceed with Caution
Judge Ginsburg: On the Proposed Digital Markets Unit and the UK’s Competition and Markets Authority
Thank you, Victoria, for the invitation to respond to Mr. Coscelli and his proposal for a legislatively founded Digital Markets Unit. Mr. Coscelli is one of the most talented, successful, and creative heads a competition agency has ever had. In the case of the DMU [ed., Digital Markets Unit], however, I think he has let ... Judge Ginsburg: On the Proposed Digital Markets Unit and the UK’s Competition and Markets Authority
More Evidence that the Patent System Promotes Dynamic Competition and Consumer Welfare
The patent system is too often caricatured as involving the grant of “monopolies” that may be used to delay entry and retard competition in key sectors of the economy. The accumulation of allegedly “poor-quality” patents into thickets and portfolios held by “patent trolls” is said by critics to spawn excessive royalty-licensing demands and threatened “holdups” ... More Evidence that the Patent System Promotes Dynamic Competition and Consumer Welfare
Technology Mergers and the Market for Corporate Control
In recent years, a growing chorus of voices has argued that existing merger rules fail to apprehend competitively significant mergers, either because they fall below existing merger-filing thresholds or because they affect innovation in ways that are purportedly ignored. These fears are particularly acute in the pharmaceutical and tech industries, where several high-profile academic articles ... Technology Mergers and the Market for Corporate Control
Old Ideas and the New New Deal
Over the past decade and a half, virtually every branch of the federal government has taken steps to weaken the patent system. As reflected in President Joe Biden’s July 2021 executive order, these restraints on patent enforcement are now being coupled with antitrust policies that, in large part, adopt a “big is bad” approach in ... Old Ideas and the New New Deal
For Scotch Whisky, Age Is Just A Number
For a potential entrepreneur, just how much time it will take to compete, and the barrier to entry that time represents, will vary greatly depending on the market he or she wishes to enter. A would-be competitor to the likes of Subway, for example, might not find the time needed to open a sandwich shop ... For Scotch Whisky, Age Is Just A Number
ICLE at the Oxford Union
Earlier this year, the International Center for Law & Economics (ICLE) hosted a conference with the Oxford Union on the themes of innovation, competition, and economic growth with some of our favorite scholars. Though attendance at the event itself was reserved for Oxford Union members, videos from that day are now available for everyone to ... ICLE at the Oxford Union
Build Broadband Better: Focus on Competition, Not Competitors
President Joe Biden named his post-COVID-19 agenda “Build Back Better,” but his proposals to prioritize support for government-run broadband service “with less pressure to turn profits” and to “reduce Internet prices for all Americans” will slow broadband deployment and leave taxpayers with an enormous bill. Policymakers should pay particular heed to this danger, amid news ... Build Broadband Better: Focus on Competition, Not Competitors
Dynamic Merger Efficiencies: The Case of Pharmaceutical Markets
The recent launch of the international Multilateral Pharmaceutical Merger Task Force (MPMTF) is just the latest example of burgeoning cooperative efforts by leading competition agencies to promote convergence in antitrust enforcement. (See my recent paper on the globalization of antitrust, which assesses multinational cooperation and convergence initiatives in greater detail.) In what is a first, ... Dynamic Merger Efficiencies: The Case of Pharmaceutical Markets
The Virtues and Pitfalls of Economic Models
Interrogations concerning the role that economic theory should play in policy decisions are nothing new. Milton Friedman famously drew a distinction between “positive” and “normative” economics, notably arguing that theoretical models were valuable, despite their unrealistic assumptions. Kenneth Arrow and Gerard Debreu’s highly theoretical work on General Equilibrium Theory is widely acknowledged as one of ... The Virtues and Pitfalls of Economic Models
