Dealing Patents in the Idea Economy

According to James F. McDonough III in "The Myth of the Patent Troll: An Alternative View of the Function of Patent Dealers in an Idea Economy," patent trolls are actually good for the patent system:

"Patent trolls" are more accurately described as patent dealers because they act as market intermediaries in the patent market. Once the activities of patent dealers are isolated from other distinct problems that have been identified with the patent system, specifically the issuance of poor quality patents and the problem of the patent thickets, it becomes clear that the emergence of patent dealers marks a stage in the natural evolution of the patent market. Patent dealers make the patent market more efficient by realigning market participant incentives, making patents more liquid, and clearing the
patent market. The article concludes by rebutting the common complaints that patent trolls stunt innovation and spur unnecessary litigation.