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>>Is this right or wrong? Only if rent-seeking is right or wrong. The patent system is working exactly as it should be.

This is a fatal oversimplification hiding in economist jargon. Is making money wrong? As an economist, the answer is "It depends." From a public utility standpoint, the point of patents is to encourage invention by protecting those who would not otherwise invent. Do you honestly believe that without patfents, the software industry will decrease in productivity?

>>* stifle innovation? No. Innovation still happens, progress is being made

What? Stifling and dead-stopping are two entirely different things. We're talking about the rate of innovation, not whether it's happening or not. Once again, do you think patents are hindering innovation?

>>The patent system is working exactly as it should be.

You can't use this claim as an argument. That's the entire matter at hand.