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Opening Statement of Dr. Richard L. Thurston 1 Vice President and General Counsel Taiwan Semiconductor Manufacturing Company 2 Ftc /Doj Hearings on Competition and Intellectual Property Law and Policy in a Knowledge-Based Economy

By Thurston, Richard L., Dr.

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Book Id: WPLBN0000113301
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Title: Opening Statement of Dr. Richard L. Thurston 1 Vice President and General Counsel Taiwan Semiconductor Manufacturing Company 2 Ftc /Doj Hearings on Competition and Intellectual Property Law and Policy in a Knowledge-Based Economy  
Author: Thurston, Richard L., Dr.
Volume:
Language: English
Subject: Trade, Import and export controls, Federal Trade Commission (U.S.)
Collections: Economics Publications Collection, Federal Trade Commission
Historic
Publication Date:
Publisher: Government Printing Office

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L. Thursto, D. R. (n.d.). Opening Statement of Dr. Richard L. Thurston 1 Vice President and General Counsel Taiwan Semiconductor Manufacturing Company 2 Ftc /Doj Hearings on Competition and Intellectual Property Law and Policy in a Knowledge-Based Economy. Retrieved from http://www.worldpubliclibrary.org/


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Government Reference Publication

Excerpt
Introduction. The Founding Fathers of the United States of America provided in the Constitution for Congress ?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.? 3 U.S. Patent system proponents argue that the patent grant created by the Founding Fathers creates the potential for financial and other economic returns to the inventor, thus providing incentives to invest in expensive and time consuming research and development (?R&D?) necessary to promote technological advancement and entrepreneurism. In return for the opportunity to obtain an economic return, the inventor not only must disclose to the public the invention, but also is given a time-limited monopoly right to exploit the invention. Absent legal protection and economic incentives, there may well be little motivation for inventors to invest in new R&D since new products could be copied cheaply by ?free rider? competitors.

 

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