That is a plausible statement except it contradicts pretty much any economic study done on the subject i.e. when economist look at this issue using historic data, they find that industries thrive at times of weak patent protection.

This is not actually surprising. A patent is a monopoly. A monopoly creates an environment where you can jack up the prices without improving the product you're selling and that's why americans pay much more money for pathetic broadband speeds than majority of other countries, while cable companies are comfortably profitable. It's also why a day after Google introduces 1GB broadband in one area, Comcast or TWN suddenly announce that they also will provide such speeds in this area (but not anywhere else).

Monopoly is what devastating to economy. Patents are monopoly and they are devastating to economy.