What is the advantage of prizes over patents

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One of the things that is slowing the development of nanotechnology is the legal morass of patents that anyone working with new ideas must deal with. Some have argued that the government should give prizes for new discoveries, such as was offered for the first private flight in space, or as was offered by Napoleon for the discovery of how to store vegetables for long periods, rather than award patents, such as are awarded to drugs.

a. What is the advantage of prizes over patents?

b. What is the cost?

Reference no: EM131401672

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