Property rights have long played a central role in fueling American growth and prosperity. When the U.S. government sought to extend the nation’s economic reach and power through westward expansion, it achieved this goal through the extension of property rights to those who dared to venture into the frontier.
Similarly, our Founding Fathers understood the power of scientific exploration and sought to encourage it by granting Congress the power to enact laws rendering property rights for inventions in the form of patents.
Article I, Section 8 of the U.S. Constitution states:
Congress shall have power . . . to promote the progress of science and useful arts, by securing for limited times to authors and inventors the exclusive right to their respective writings and discoveries.
Today, daring – in the form of inventiveness and entrepreneurship – is still at the heart of America’s economic strength. Patents, in turn, are the foundation for America’s inventiveness and dynamic business culture.
In this section, you will find information on the power of patents, the patent-based business model as well as an analysis of various patent reform alternatives.