Why intellectual property laws might hinder innovation

Reference no: EM132120222

Question: 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 bearing 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?

Reference no: EM132120222

Questions Cloud

Formulate mathematical linear program : Formulate a mathematical linear program to minimize the total cost. Clearly define your decision variables, objective and constraints

What do you anticipate would happen to prices : Suppose the local electrical utility, a legal monopoly based on economies of scale, was split into four firms of equal size.

Would the policy make the same sense : For many years, the Justice Department has tried to break up large firms like IBM, Microsoft, and most recently Google, on the grounds that their large market.

The request is to craft value proposition : Update: The request is to "craft a value proposition". It could be anything, not specific frame of what type of value propositions.

Why intellectual property laws might hinder innovation : Intellectual property laws are intended to promote innovation, but some economists, such as Milton Friedman, have argued that such laws are not desirable.

Presentation and hands-on methods of training delivery : Describe the main difference(s) between presentation methods and hands-on methods of training delivery.

Define possibility for how the monopolist might react : Imagine that you are managing a small firm and thinking about entering the market of a monopolist. The monopolist is currently charging a high price.

Government interventions for dealing with externalities : Consider the claims of R. Coase and/or the government interventions for dealing with externalities.

What happens to the marginal cost curve : Draw the demand curve, marginal revenue, and marginal cost curves from Figure, and identify the quantity of output the monopoly wishes to supply and the price.

User Account

All Pages