For many years we've been incredibly critical of the famous Bayh-Dole Act, which was passed in 1980 with the idea that it would encourage greater innovation by pushing universities to patent the research they were doing. The theory -- based on a rather ignorant view of innovation and research -- was that patents would create a market, which, in turn, would enable easier knowledge transfer from academia to industry, leading to a research boom. The actual results have been a near total disaster. What's actually happened are two very bad things. First, it's seriously harmed university research, by guaranteeing much less information sharing between researchers. And, it turns out, that information sharing is a big part of how innovation and big scientific breakthroughs occur. Not surprisingly (if you understand basic economics), when you try to lock up each idea with a patent, researchers (and, more importantly, their administrator bosses), suddenly don't want to share any more. The end result? Lots of important research stifled. What a shame.
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