Enabling Technology, Social Returns to Innovation, and Antitrust: The Tragedy Of Depressed Royalties

Innovation is the handmaiden of competition and economic growth. Few activities have larger payoffs than investment in activities which support innovation, especially R&D. However, inventors and private firms often struggle to capture an adequate return because of spillovers which benefit other firms and consumers. Social returns are at minimum three times private returns (enabling technologies likely have greater multiples). Absent government support, significant underinvestment in R&D