In ancient times, the story goes, cooks in the city of Sybaris were granted yearlong monopolies for the sale of unique dishes they created. Since then, generations of inventors have relied on patents to discourage copycats from stealing their best ideas. Economists, in turn, have tallied up patents to try to measure innovation (an otherwise squishy concept to define and assess), which has long been tied to economic growth. Certainly, the thinking went, protecting inventors’ work must encourage new ideas in the marketplace.

But counting patents can lead researchers astray, argues New York University economist Petra Moser. In the 2016 article, “Patents and Innovation in Economic History,” Moser explained why, writing that in some cases patents actually squelch innovation rather than stoking it.

 …