So wrong
Considering the Fed's record in wrecking the US industrial base by incenting fast money gambling instead of sunk cost technology development, maybe this shot at our sinking ship should not come as a surprise.
The authors of this working paper -- which is not, despite the title of this blog, official Fed policy -- are said to be "Michele Boldrin and David K. Levine, researchers at the US Federal Reserve Bank of St. Louis" and on the title page we find:
"The views expressed are those of the individual authors and do not necessarily reflect official positions of the Federal Reserve Bank of St. Louis, the Federal Reserve System, or the Board of Governors. Federal Reserve Bank of St. Louis Working Papers are preliminary materials circulated to stimulate discussion and critical comment. References in publications to Federal Reserve Bank of St. Louis Working Papers (other than an acknowledgment that the writer has had access to unpublished material) should be cleared with the author or authors."
Was the publication of the working paper cleared? Now that you have published the paper, it will certainly be cited by embattled scumbags as official Fed policy notwithstanding that disclaimer.
The arguments are not new, and the assumptions they are based on -- such as group-think innovation instead of individual inspiration -- are not true. It's the standard litany of crybaby giants caught trespassing on IP in possession of someone who is not their peon. Cocktail chatter of the 1% and their toadies.
It is well-known that big companies can't and don't invent. They like the world as it is. Although they are big users of the patent system, the patents are trivial improvements to their existing product line. They fear the emergence of new ideas that make their inventory obsolete. So basing American prosperity on big company innovation is likely to make things worse, not better. And a constitutional amendment, as these authors think necessary, is unlikely to succeed, so what is the motivation for this stink bomb?
