An early insight in my work on the economics of information concerned the problem of appropriability — the difficulty that those who pay for informat… - Joseph E. Stiglitz

Innovation is important; it has transformed the lives of everyone in the world. And intellectual property laws can and should play a role in stimulating innovation. However, the contention that stronger intellectual property rights always boost economic performance is not in general correct. It is an example of how special interests—those who benefit from stronger intellectual property rights—use simplistic ideology to advance their causes.

TRIPs imposed on the entire world the dominant intellectual property regime in the United States and Europe, as it is today. I believe that the way that intellectual property regime has evolved is not good for the United States and the EU; but even more, I believe it is not in the interest of the developing countries.

But while Keynes as well as the subsequent research in new Keynesian economics has provided an explanation for both unemployment and economic volatility while it has attempted to identify precisely what is wrong with the Arrow-Debreu model that can account for these observations there was another message of Keynes that was clearly heard: The macroeconomic ills of capitalism were curable. One didn't need to institute fundamental reforms in the economic system. One only needed selective government intervention. It is in this sense that Keynesian economics greatly weakened the case for market socialism.