Question

Do you think that patents help to encourage new innovations in society? Why or why not?

Answer 1

Yes, patent in the economy leads to more inventions in the market as patent allows the firms in the market to create a monopoly, monopoly gives an extra rent for the firm that are producing goods, a higher profit in the market will lead to a firms inventing more and getting a higher profit.

So, innovation in creates an extra profit and patents create monopoly to reap that profit.