Question

In your opinion has the patent system successfully solved the public goods problem for innovation in the United States?

Answer 1

ANSWER:

In order to understand whether the innovation has solved the public good problem or not we need to understand why does a person innovate and the primary reason is that the person wants to get a benefit for himself in order to fulfill his or her dreams while public good is just the opposite as it serves the whole society and not just the innovator and therefore in order to create a balance patent system plays a great role in this regard.

             After reading the patent system , we can safely say that the american patent system is not good as the innovators try to pre register their products in order to gain more profit as there as many loopholes in the system and thus the balance gets tilted towards the innovator and therefore there is a need to check the loopholes and tighten up the patent laws.