Temporary monopolies for Intelectual property rights
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What are the arguments for and against allowing temporary monopolies by allowing intellectual property rights? What forms of intellectual property exist for designs, and how are these different from patents and copyright?
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Solution Summary
This a 295 word solution that gives some support for and against Monopoly's. It explains different forms of Intellectual Property rights.
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A temporary monopoly means everything claimed by the marketer is all made by the same standard. Initial research, testing, and development of a product are a long expensive process. A temporary monopoly gives the producer a chance to regain these costs. If we did not allow intellectual proper rights that create a temporary monopoly, creativity could be weakened. A temporary monopoly allows research to be funded for new products.
In contrast there may be less incentive to innovate because the monopolist has no competition. Monopoly's may be hard to dislodge. Innovation may be impeded. Research needs the input of ...
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