I'm guessing the practical meaning is that the inventor is not required to license the invention "at a fair and reasonable" price but is free to ask whatever he

I'm guessing the practical meaning is that the inventor is not required to license the invention "at a fair and reasonable" price but is free to ask whatever he/she feels is appropriate. I could imagine a case where the industry the inventor wishes to market to is controlled by a cartel which colludes to offer a low price for the invention. In this case, the inventor may wish not to sell or license in the hope that the cartel breaks up or gives in.