Episode 147: Patently Absurd
12/03/19 • 30 min
One of the few enumerated powers that the Founders granted to the federal government was the power to issue patents.
Patents are a compromise between two conflicting goals. On the one hand, we want to avoid the creation of government-protected monopolies because monopolies stifle innovation. On the other, we want entrepreneurs to have an incentive to innovate. And one way to incentivize entrepreneurs is to grant monopoly protection for their inventions.
Patent law is an attempt to balance these two conflicting goals, but the balance presents trade offs. Weaker patent laws mean cheaper goods today but a lesser variety of goods tomorrow; stronger patent laws mean more expensive goods today but a greater variety of goods tomorrow.
Show your support for Words & Numbers at Patreon: https://www.patreon.com/wordsandnumbers
Quick hits
Why did the South Bronx burn? https://www.latinousa.org/2019/02/06/decadeoffire/
A history of NYC rent control https://www.crainsnewyork.com/article/20100610/BLOGS01/306109998/a-history-lesson-on-rent-regulation-in-the-1970s
Property tax https://fox4kc.com/2019/11/28/kansas-city-woman-angry-about-her-property-taxes-paying-with-nickels/amp/
Merchants taking dollars https://theconversation.com/if-cash-is-king-how-can-stores-refuse-to-take-your-dollars-63516
https://abcnews.go.com/Blotter/businesses-taking-benjamins-baby/story
Foolishness of the Week
Michael Bloomberg and “those people” https://www.realclearpolitics.com/video/2018/05/24/bloomberg_regressive_taxes_on_the_poor_a_good_thing.html
Topic of the Week
The Constitution and Patents https://www.ipwatchdog.com/2017/11/14/constitutional-underpinnings-patent-law/id=90190/
Join the Conversation
Words & Numbers Backstage https://www.facebook.com/groups/130029457649243/
Antony Davies on Twitter https://twitter.com/antonydavies
James R. Harrigan on Twitter https://twitter.com/JamesRHarrigan
One of the few enumerated powers that the Founders granted to the federal government was the power to issue patents.
Patents are a compromise between two conflicting goals. On the one hand, we want to avoid the creation of government-protected monopolies because monopolies stifle innovation. On the other, we want entrepreneurs to have an incentive to innovate. And one way to incentivize entrepreneurs is to grant monopoly protection for their inventions.
Patent law is an attempt to balance these two conflicting goals, but the balance presents trade offs. Weaker patent laws mean cheaper goods today but a lesser variety of goods tomorrow; stronger patent laws mean more expensive goods today but a greater variety of goods tomorrow.
Show your support for Words & Numbers at Patreon: https://www.patreon.com/wordsandnumbers
Quick hits
Why did the South Bronx burn? https://www.latinousa.org/2019/02/06/decadeoffire/
A history of NYC rent control https://www.crainsnewyork.com/article/20100610/BLOGS01/306109998/a-history-lesson-on-rent-regulation-in-the-1970s
Property tax https://fox4kc.com/2019/11/28/kansas-city-woman-angry-about-her-property-taxes-paying-with-nickels/amp/
Merchants taking dollars https://theconversation.com/if-cash-is-king-how-can-stores-refuse-to-take-your-dollars-63516
https://abcnews.go.com/Blotter/businesses-taking-benjamins-baby/story
Foolishness of the Week
Michael Bloomberg and “those people” https://www.realclearpolitics.com/video/2018/05/24/bloomberg_regressive_taxes_on_the_poor_a_good_thing.html
Topic of the Week
The Constitution and Patents https://www.ipwatchdog.com/2017/11/14/constitutional-underpinnings-patent-law/id=90190/
Join the Conversation
Words & Numbers Backstage https://www.facebook.com/groups/130029457649243/
Antony Davies on Twitter https://twitter.com/antonydavies
James R. Harrigan on Twitter https://twitter.com/JamesRHarrigan
Previous Episode
Episode 146: A Time to Give Thanks
Sometimes, the things we take for granted are the things we should be most thankful for. Football games on your television, climate control in your automobiles, and fully-stocked neighborhood grocery stores are among the many things we may not think about until they aren’t there. What do the data indicate about our modern standard of living? Who is responsible for the advancements in medicine and technology that have improved so many lives? Which historical scourges are functionally nonexistent today? Join Antony Davies and James Harrigan in giving thanks to the many improvements in life on this week’s episode of Words & Numbers. Show your support for Words & Numbers at Patreon
https://www.patreon.com/wordsandnumbers
Quick hits
Government grocery store
Conservatism stresses students
Foolishness of the week
Abolish the electoral college
https://www.bostonherald.com/2019/11/20/joe-kennedy-iii-wants-to-abolish-the-electoral-college/
Topic of the week: Thanksgiving
https://www.faithandfreedom.com/a-series-of-miracles/
State Car Registration by Year
https://www.fhwa.dot.gov/ohim/summary95/mv200.pdf
Office of Highway Policy Information
https://www.fhwa.dot.gov/policyinformation/statistics/2015/mv1.cfm
https://fred.stlouisfed.org/series/OEHRENWBSHNO
https://www.ncdemography.org/2014/06/16/mortality-and-cause-of-death-1900-v-2010/
Join the conversation
Words & Numbers Backstage
https://www.facebook.com/groups/130029457649243/
Let us know what you think
Antony Davies on Twitter
https://twitter.com/antonydavies
James R. Harrigan on Twitter
Next Episode
Episode 148: The Cost of Living
Large countries, like the United States, span multiple time zones and have multiple climates. They also have multiple economies, each with different price levels. Prices in New York City are very different from prices in Boise Idaho - typically higher. But wages in New York City are higher also, but then so too are taxes, and so too is the likelihood of being employed. In this episode, James and Ant talk about differences in the costs of living across US cities.
Show your support for Words & Numbers at Patreon
https://www.patreon.com/wordsandnumbers
Quick hits
UPS drug runners https://www.nytimes.com/2019/11/27/business/ups-drugs-tucson-arizona.html
Average person can tolerate family members for four hours
Foolishness of the week
Washington College cancels anti-rascist play
https://reason.com/2019/12/03/washington-college-the-foreigner-censorship-students-kkk-racism/
Regional price parity index
https://www.bea.gov/news/2019/real-personal-income-states-and-metropolitan-areas-2017
Topic of the week
Differences in the costs of living across the country
https://www.businessinsider.com/cost-of-living-san-francisco-compared-to-other-cities
Join the conversation
Words & Numbers Backstage
https://www.facebook.com/groups/130029457649243/
Let us know what you think
Antony Davies on Twitter
https://twitter.com/antonydavies
James R. Harrigan on Twitter
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