This addresses the “options” point but not the “hamper innovation” point. The obvious (but arguable) counter-example to the “hamper innovation” point is patent law, in which the government legislates a property right into existence and gives it to an inventor in exchange for the details of an invention.
ETA: Patent law is said to foster* innovation in two ways—it protects an inventor’s investment of time and energy, and it encourages inventors to make details public, which allows others to build on the work. These others can then patent their own work and obtain licenses to use the previously patented components.
* phrasing weakened after reading reply. Was: “Patent law fosters innovation...”
True, patent law is intended to promote innovation. There’s quite a lot of evidence that it has the opposite effect but I agree it’s not immediately obvious that it doesn’t work and there is not yet a consensus that it is a failure. The standard argument you give in favour of patent law is at least superficially plausible.
This addresses the “options” point but not the “hamper innovation” point. The obvious (but arguable) counter-example to the “hamper innovation” point is patent law, in which the government legislates a property right into existence and gives it to an inventor in exchange for the details of an invention.
ETA: Patent law is said to foster* innovation in two ways—it protects an inventor’s investment of time and energy, and it encourages inventors to make details public, which allows others to build on the work. These others can then patent their own work and obtain licenses to use the previously patented components.
* phrasing weakened after reading reply. Was: “Patent law fosters innovation...”
True, patent law is intended to promote innovation. There’s quite a lot of evidence that it has the opposite effect but I agree it’s not immediately obvious that it doesn’t work and there is not yet a consensus that it is a failure. The standard argument you give in favour of patent law is at least superficially plausible.