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Intellectual Property Rights are important, but the importance of IPR has been exaggerated, as they form only one part of our innovation system. IPR should be seen as part of a portfolio of instruments. We need to strengthen the other elements of this portfolio and redesign our intellectual property regime to increase its benefits and reduce its costs. Doing so will increase the efficiency of our economy—and most likely even increase the pace of innovation.
Joseph E. Stiglitz (Tue,) studied this question.