Innovation as measured [?] by patent filings

Note the post Patent Data and Innovation: Once Again, So Much and Yet So Little and the comment thereon.

The comment of 10/10/10 notes:

As you and I know well, patent filings mean nothing unless they are coupled with an analysis of the attendant business strategy. Moreover, patent filings have little to do with innovation--innovation relates to things that get to the marketplace and make money, and need not be patented. If only 3% of patents make money (and it is probably about this number), then it can be said that patent filing information is only 3% directional in relation to innovation.

So, looking at patent filing data in the abstract is useless information. Unfortunately, few others recognize this, and there will be much groaning and gnashing of teeth over this "deep analysis" from the respected press outlet of the Economist. And, people will respond as they always do--by making erroneous conclusions about the state of innovation in Asia and elsewhere.