The Tragedy of the Anti-Commons

The video explores the Schumpeterian approach and its relation to Knightian uncertainty in financial markets. It discusses the convergence of research between finance and technical change, highlighting the challenges of investment in innovation under uncertainty. The impact of IPR legislation on innovation and patenting is analyzed, revealing increased litigation costs. The video concludes with a discussion on how strong patents can stifle innovation, leading to a 'tragedy of the anticommons.'

What is Knightian uncertainty and how does it relate to financial markets?

Discuss the impact of technical innovation on the economy as mentioned in the text.

What are the implications of the tightening of legislation and IPR on innovation rates?

How do patent wars affect the process of innovation according to the discussion?

Explain the concept of the 'tragedy of the anticommons' as it relates to patents.