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Pastimes : Austrian Economics, a lens on everyday reality
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To: Don Lloyd who wrote (94)12/19/2001 7:56:48 PM
From: TimF  Read Replies (1) of 445
 
Any progressing economy is continually improving productivity and improving the standard of living by reducing consumer prices. It could still be such an economy even if GDP and other measures of the economy were falling by 10% per year. This apparent paradox is just a demonstration that an economy cannot be completely characterized by financial measurements and statistics.

But if the competition caused the GDP to decline but raised the actual productivity and standard of living then it would be a good thing.

As for patents - I do think that some patents are too broad or are otherwise incorrectly granted (one I don't like is Amazon's 1 click patent) , also they can be misused (look at Rambus' attempt to tax the memory companies for all RAM production not just the RDRAM that Rambus developed).

Tim

Edit - An interesting article -

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