In the last two decades, the role of patents in the U.S. innovation system has changed profoundly.

• Position: Conferences

In the last two decades, the role of patents in the U.S. innovation system has changed profoundly. Two apparently mundane changes in patent law and policy have subtly but inexorably transformed the patent system into a competitive weapon to attack rivals, thereby increasing the cost and risk of innovation. Jaffe and Lerner review the changes in patent policy that have led to the...