Downturn in Pharmaceutical Stocks

[Brad De Long]

>One could argue that even without explicit benefit of
>public subsidies, a patent in and of itself is a public
>subsidy (akin to corporate limited liability).  Property
>rights can be thought of as subsidies, at least in some
>cases.  Even in neo-classical economics....
>
>mbs

I can't think of a property right that isn't at bottom a subsidy or an
incentive--an attempt (in theory at least) to make some guy richer and
align his or her private incentives with social products...

Brad DeLon g