"If we did not have a patent system, it would be irresponsible, on the basis of our present knowledge of its economic consequences, to recommend instituting one. But since we have had a patent system for a long time, it would be irresponsible, on the basis of our present knowledge, to recommend abolishing it."

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Source : "An Economic Review of the Patent System". Book by Fritz Machlup, U.S. Senate, Subcommittee on Patents, Trademarks and Copyrights, Study No. 15, p. 79-80, 1958.

Fritz Machlup

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