“Innovation is protected as property via the patenting process. Without it, the rewards of innovation would be much less. People would only have trade secrets, and sharing and knowledge diffusion and rates of progress would therefore be less.
Our framers thought it important enough that they even put it in the Constitution.”
Patents hurt innovation by tying up new products and protecting them from improvement from competition until the patent expires.
And I think the framers might have been wrong about that. I know it is in the constitution. It is a power given to the legislature, but they don’t have to do it.
““The fed pumps out money at the behest of the president (who will nominate its chairman). “
That’s hyperbole at best, nonsense at worst.”
The fed chairman knows who decides whether or not he continues at his job. Of course that influences what he does.
“Same with our local school board, the FCC, the SEC, HHS, the DoD, and Congress itself.”
Congress has to answer directly to us. The DoD is answerable to the president. The president can be impeached.
The FCC, SEC, and HHS should be required to be as open as their relative power demands. As should the Fed.
The fed is quite powerful.
“They explained why in their testimoney to congress - did you read it? A key point was made - POLITICAL INTERFERENCE with the Fed negatively affects market perception of the Fed as consistent inflation fighters.
That said, I am all for Fed transparency.”
Lack of mandatory Fed transparency leads to a market perception that the Fed can be playing favorites or not really worrying about inflation and just saying that they are trying to stem inflation.
“The DoD is answerable to the president.”
So is the Fed, according to you.