That is a plausible statement except it contradicts pretty much any economic study done on the subject i.e. when economist look at this issue using historic data, they find that industries thrive at times of weak patent protection.
This is not actually surprising. A patent is a monopoly. A monopoly creates an environment where you can jack up the prices without improving the product you're selling and that's why americans pay much more money for pathetic broadband speeds than majority of other countries, while cable companies are comfortably profitable. It's also why a day after Google introduces 1GB broadband in one area, Comcast or TWN suddenly announce that they also will provide such speeds in this area (but not anywhere else).
Monopoly is what devastating to economy. Patents are monopoly and they are devastating to economy.
What historical studies show is that freeloading works. Economies or companies who are capable and willing to violate IP protections can catch up to more established economies or companies by copying their innovations. It helped the U.S. catch and pass the European powers, and it is helping China catch the U.S. today.
But once you max out the return from copying existing innovations, the only way to keep growing is to generate your own innovation. Then you want to protect those innovations. So the U.S., now one of the most innovative economies in the world, has strong IP laws and fights to protect them.
It's true: killing patents would most likely cause an immediate economic burst in the U.S. It would basically be a reduction in cost for many companies, who would realize a benefit in increased profits.
But over time, without patents, there would be reduced incentive to invest in capital-intensive innovations. That is why, despite the studies you cite, every major developed nation has strong protections for IP today. It is why major innovations like broadband, pharmaceuticals, electronics, software, etc. come out of nations with strong IP protections, not nations with weak IP protections
This is not actually surprising. A patent is a monopoly. A monopoly creates an environment where you can jack up the prices without improving the product you're selling and that's why americans pay much more money for pathetic broadband speeds than majority of other countries, while cable companies are comfortably profitable. It's also why a day after Google introduces 1GB broadband in one area, Comcast or TWN suddenly announce that they also will provide such speeds in this area (but not anywhere else).
Monopoly is what devastating to economy. Patents are monopoly and they are devastating to economy.