For most countries, economic development involves a process of "catching up" with leading countries at the time. This is never achieved solely by physical assets and labor alone: also needed are the accumulation of technological capabilities, educational attainment, entrepreneurship, and the development of the necessary institutional infrastructure. One element of this infrastructure is the regime of intellectual property rights (IPR), particularly patents. Patents may promote innovation and catch up, and they may foster formal technology transfer. Yet they may also prove to be barriers for...