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That society should protect, and thereby stimulate, investment in innovation—not just invention—has been held by many; but few were as consistent in their conclusions as Joseph A. Schumpeter, who on these grounds favored permitting monopolistic practices of various sorts. He argued that temporary security from competition, through cartels, patents, or other restraints, would encourage firms to put more venture capital into innovating investment. Schumpeter, Capitalism, Socialism, and Democracy (New York: Harper, 1942), pp. 81-106.

“An Economic Review of the Patent System,” Fritz Machlup, United States Government Printing Office 1958, page 9, footnote 44.

The Supreme Court has granted cert. in Loper Bright Enterprises v. Raimondo. The issue in that case is:

Whether the court should overrule Chevron v. Natural Resources Defense Council, or at least clarify that statutory silence concerning controversial powers expressly but narrowly granted elsewhere in the statute does not constitute an ambiguity requiring deference to the agency.

An interesting article would be one that considers how overruling of Chevron would impact patent law. Would the current make-up of the Federal Circuit be a better or worse choice in deciding historically Chevron issues, as opposed to deference to administrative officials at the USPTO?