Congress is preparing to enact far-reaching reforms of the patent system, and the stakes are high: Intellectual property in the U.S., the security of which relies upon the patent system, is worth more than $5 trillion today--roughly 40% of our annual GDP. Sweeping legislative change would, however, be a dangerous mistake.

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Claude Barfield is a resident scholar at AEI. John E. Calfee is a resident scholar at AEI.