In this speech, world famous economist and author Daron Acemoglu discusses how intellectual property influences innovation in the United States. Daron Acemoglu argues that intellectual property rights and innovation are very closely related because the patenting of products encourages and motivates others to generate new ideas. It creates a variety of spill-over benefits for consumers and competing firms because it gives them something on which to expand. Acemoglu asserts that the system of patenting has been the bedrock of Western economic growth for the last 200 years.
While Daron Acemoglu recognizes the benefits of IP and patenting, he also identifies various flaws in the system. He sees elements of bureaucracy emerging in far too many areas that can end up stunting the system's traditional benefits. As more and more bureaucratic limitations and copyright laws are implemented, the process becomes self-defeating and less likely to foster innovation.