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Which has the possibility for a greater payoff to growth- an idea that is patented or...

Which has the possibility for a greater payoff to growth- an idea that is patented or common knowledge
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Answer #1

The possibility for a greater payoff to growth would be an idea that is patented. The reason for the same is that the patented idea provides a fair and justice ground for the society. A society needs these proper and consistent patents in order to function effectively. A patented idea can even achieve socially efficient outcomes. A patent acts as a reward for the invention which encourages more innovations and inventions in a society which can further lead to a positive growth of an economy.

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