A global fight is being waged over technologies such as 5G. China, the European Union and the U.S. are competing to create a political process to value the underlying patents. These efforts are misguided. Congress should instead support market-based pricing of licensing fees. Devices such as smartphones have to comply with numerous standards. In the case of 5G, for example, there are an estimated 100,000 "essential" patents. These are known as standard essential patents. Because device-makers can't make 5G phones without using these patents, standard essential patents are licensed on the basis of what's called "fair, reasonable and nondiscriminatory" (FRAND)…
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