"Congress, the antitrust enforcement agencies, and most economists have all reached the conclusion that a patent does not necessarily confer market power upon the patentee. Today, we reach the same conclusion." –Justice Stevens, for an 8-0 Court, in Illinois Tool Works v. Independent Ink (04-1329).

Earlier this week, the Supreme Court, in Texaco v. Dagher, again by an 8-0 vote, reversed the horrendous Judge Reinhardt Ninth Circuit opinion calling a joint venture illegal price fixing (Jan. 20). Josh Wright summarizes.