Nicholson Price’s paper "The Cost of Novelty" argues that patent law advances new, rather than better. Market value, on which IP law relies, systematically values some goods differently than a social planner or a committee of scientists might. The equilibrium between the conflicting values create a situation in which society cannot enjoy the innovation it could have, because the industry is not incentivized to research them. The podcast discusses benefits in innovation vs. social justice considerations and considers suggestions to encourage other types of innovation.