[chris_t]

I agree with all of this. The example of the patent on steam engines is fascinating, thank you! It's certainly true government granted monopolies are far from the ideal incentive structure, with many downsides. (And lobbying for EG patent extensions likely IS rent-seeking). Advance market commitments and other systems likely have better characteristics.

I was rather objecting to the misuse of a technical term, and the idea that we should expect all innovation to happen without reasonable incentives.

[sooheon]

Ah gotcha, agreed.