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Article Title

Whither patent system?

Authors

R Muralidharan

Abstract

The author in this piece evaluates the patent system to establish whether the patent system is justified and whether it should be replaced with a better alternative. To do so, Muralidharan explores the theoretical justifications of the patent system, incentive theory and disclosure theory, and sets it in India’s unique colonial history. The author here critically evaluates whether the patent system truly incentivises innovation and disclosure, which the author concludes it does not. Further, the author also concludes that the patent system does not support just reward and instead facilitates undue advantage and monopolies in the hands of private capital. The author thus argues that an inventor certificate system is a better substitute to the patent system as it stands to truly encourage invention and disclosure. (Editor’s abstract.)

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