Question

Do you think patent protection can lead to monopolies over a patented good? Is that a good or a bad thing? pls help

Answer 1

Patent production can actually lead to monopolize as they would be the only companies that have the right to produce a particular good or process or service. However, it is important to understand why it is actually e a bad thing because the prices can increase on the whole but on the other hand it is actually a good thing in one perspective where it encourages the companies to take up innovation and development so that the economy moves forward with the help of technological as well as process innovation on the whole.