[netcan]

That's not an unreasonable perspective. But is the dynamic he describes predictable, is it the only dynamic or at least the dominant one? I assume he is not suggesting that the only effect will be minor adjustments to the way these industries work. If patents disappeared tomorrow, a tornado would run through the pharmaceutical world.

That doesn't mean that there aren't gains to be had from a moderate version of that approach. I just don't think there is a theoretical framework capable of telling us the right answer in economics. Economics is at its best more similar to zoology than physics. Zoology will not accurately predict the way species and populations will react to a reduction in available water sources or the introduction of new species. On the rare occasions that it's feasible, repeating the experiment will rarely yield the same result.