Do you believe that, without IP law, we'd still have companies invest the amounts they do into creating new technology (particularly in high R&D areas like pharma)?
Innovation is great but it's mostly a buzzword to describe the aformentioned research in commercial areas
Which makes perfect sense when you consider the size of the private economy versus the share of government spending that could reasonably go to R&D (versus entitlements, military, infrastructure, etc).
Private corporations are around ~$400 billion of the ~$550 billion per year spent in the US on R&D.
The government R&D figure as a share is higher in the EU than in the US, but not dramatically so. The private sector is simply too large by comparison and can focus its resources more narrowly on things like R&D than what a government could be expected to.