Dear B: Thanks for your kind words. In my response to E (https://www.lewrockwell.com/lrc-blog/patents-giffen-goods-invitations/), to which you refer, I offered a large bibliography on this matter. My summary is as follows: yes, in the very short run, a state offer of monopoly patents will probably (it is an empirical, not a praxeological issue) drive prices down below the level that would otherwise obtain. But, in the long run, the opposite will probably (it too is an empirical, not a praxeological issue) occur. Why? Because after the patent system starts to operate, there will be a lot of suing over turf. Instead … Continue reading Patents and Drug Prices