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For example: I could file and be issued a patent for process that doesn’t work, like cold fusion around the bounds of the claims I’ve submitted. Now I’m protected within the bounds of my claims, but the patent is worthless because the technology doesn’t do anything of value.
If patents are a bad metric for inventiveness, what's better? I think what you wrote is technically true, but in practice, usually false. People don't spend the hundreds of hours and many thousands of dollars to patent useless crap.
I would disagree with that. Holding a patent with a large enough claim can yield dividends without actually creating or proving anything. Eventually, ideas outside of industries you never even thought of now violate your patent and you have grounds for legal action.
For example, maybe you patent the idea of a red or green color indicator when someone’s lock a portapoddy door. If the claim of this patent is broad enough they may inhibit the growth of future industries they have no interest in.
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