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Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364

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BuyFindarrow_forward

Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364
Textbook Problem

Intellectual property laws are intended to promote innovation, but some economists, such as Milton Friedman, have argued that such laws are not desirable. In the United States, there is no intellectual property protection for food recipes or for fashion designs. Considering the state of these two industries, and hearing in mind the discussion of the inefficiency of monopolies, can you think of any reasons why intellectual property laws might hinder innovation in some cases?

To determine

The reasons as to why intellectual property laws might hinder innovation in some cases while bearing in mind the discussion of the inefficiency of monopolies.

Explanation

The intellectual property laws can hinder innovation given the intensity of the act. For instance, weak patents may lead to suboptimal innovation and make it hard to protect anything considering the expenses that may come along...

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