In 2013, Boldrin and Levine concluded that " while patents can have a partial equilibrium effect of improving incentives to invent, the general equilibrium effect on innovation can be negative . " Other patent modeling research suggests that rather than encouraging innovation, patents can hinder development, lower R & D investments, and decrease overall economic output.
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:If tax rates were such that the economy only had one privately allocated dollar, and that dollar was allocated as it would have been if there was no tax, you could still say you had allocative efficiency, even though there must certainly be some dead weight loss when you examine each of the markets under the partial equilibrium supply and demand model.
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