The following comes from a post on ObjectivismOnline. For more, see the original thread.
The protection of intellectual property requires the ability to create and apply an objective standard. Attempting to enforce intellectual property rights without the existence of an objective criteria or the ability to apply it violates real property rights, regardless of the potential benefits. Furthermore, the existence of patents must be evaluated in a cost-benefit analysis, at least if the purpose of patents is to provide a benefit to the inventor.
There are some costs common to all patents, including software patents, such as the cost of filling and protecting them, the need for patent portfolios to protect oneself against competitors patent portfolios, the disincentive to inventors and investors of violating existing but unknown patents, and the associated research costs, and the mis-incentives created by directing research into patentable areas versus non-patentable ones.
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