Over at the American Enterprise Institute’s online magazine, Arnold Kling has proposed “prize-grants” in favor of patents for pharmaceutical research. Kling dislikes patents: Their drawbacks are well recognized, and a better alternative would certainly be most welcome. The question is: Can there be a better alternative? Kling’s “prize-grant” has the features of both a prize and a patent.
It is a very interesting idea, which I hope Professor Kling continues to develop. By way of constructive criticism, there are some obstacles that need to be overcome.
Read the entire column at the Independent Institute's Beacon blog or the National Center for Policy Analysis Health Policy Blog