Capital and labor are essential to the U.S. economy, but innovations are increasingly at risk due to large corporations appropriating smaller firms' breakthroughs, threatening future growth.
Since the 1950s, economists identify that one to two-thirds of U.S. productivity gains are attributed to innovation, surpassing contributions from capital stock improvements and workforce skills.
Innovation requires sustained R&D investments and a supportive political and economic climate; it's underpinned by constitutional protections granting exclusive rights to innovators.
The patent laws enacted by Congress underscore the need to secure innovators' rights, allowing them to benefit from their creations while fostering a vibrant economy.
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