Patents were meant to spur innovation and reward inventors financially. However, the system seems to have many flaws, such as: (1) Many patents are awarded to obvious "inventions" (such as one-click shopping) or whole problems (not just particular solutions) and amount to a kind of "land grab." (2) The duration of the patent is not adjusted for the rate of technological change in the industry or for the ingenuity or other value of the particular invention. (3) The government bureaucrats who award patents or not are hardly authorities in the relevant fields, and the mistakes they make can serious damage a business or even a whole industry. (4) The system is easily abused by corrupt lawyers, patent trolls, and the like. (5) Given the enormous cost of litigating patent claims, the patent system benefits established companies at the expense of small entrepreneurs, even if the latter have justice on their side. Are these genuine and serious problems? Are patents still a value in today's fast-paced, information-based economy? Should the patent system change -- and if so, how?