Prizes, rather than patents, as reward

The Nobel laureate Joseph Stiglitz argues in favour of prizes (over patents) in New Scientist. 

"Patents are not the only way of
stimulating innovation. A prize fund
for medical research would be one
alternative. "

The full essay can be accessed here.

Stiglitz's views have sparked a lively discussion at Marginal Revolution. Worth a look, if you are interested in such stuff.

Tags: innovation, research, economics, society, patent, prize, government, market