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Patent Monopolies And Free Enterprise, Myron W. Watkins, George W. Stocking

Vanderbilt Law Review

Public policy has long recognized the intimate relation between a dynamic technology and a well-adjusted economy. Without experiment, industrial arts stagnate. Rightly understood, invention is synonymous with improvement in the industrial arts, and invention comes about only from experimenting. Not every inventor finds what he is looking for, true enough, or is looking for what he finds. But unless, consciously or unconsciously, he is seeking a new way to do something or a new "combination of matter" he will never discover anything.

To encourage experiment and thus foster technical improvment is the avowed purpose of the American patent system. The …