Law and economics Essay Example | Topics and Well Written Essays - 750 words

Law and economics - Essay Example More over, Black and Decker in their argument demonstrated that Byrne fully participated in the prosecution, comprising the addition that limitation into the claim and as such his claim was deemed to fail. While responding to this motion, Byrne filed an affidavit discussing the scope of the quoted previous art and hence the argument that for patentability limitation is necessary is not valid. Holding that Mr. Byrne was not qualified to provide expert testimony as one of the ordinary skill in the art, the court cleared Black and Decker of any malpractice. By denying Mr. Byrne the chance to proof his possession of ordinary skill in the art, it is inappropriate, and the court abused its discretion by denying the inventor to testify and proof the relation of the scope and content to the invention. Most intellectuals argue that in the absence of property rights over the knowledge embodied in an innovation would spur imitation and competition, thereby minimizing the innovators’ profit. As a result, legal rules have been enacted to address the intellectual property disputes. It is the amalgamation of an increasing pool of patents that should have never been approved, in the first place, with the growth of the patent lawsuit industry that is building up enormous costs for technology corporations of all dimensions and the economy at large. All of those billions of dollars spent in protecting dubious patent lawsuits, and buying up patents that will never be used to produce anything fresh is an appalling waste of money. The patent scheme has been wrecked for a long time, and failure to fix it soon will slow down one of the small number of engines of the economy still purring. Patents, which were initially perceived to protect innovators, are increasingly becoming nothing more than economic and legal weapons, to be cumulated in ranges by non-practicing bodies and used