Question

What is the economic value of protecting an innovative product or service from being copied? Should all new ideas be protected by copyright and patents? Give an example of how human behavior is factored into an innovation. ment Properties of various discussions Display

Answer 1

Ans) The patent and copyright give the inventor the authority to control the intellectual work in case of copy rights and an inventions in case of patents for example the novel written by an author has copyright on that Novel ,no other writer can copy and print that novel .Similarly the design of the electric bulb is an invention by Edison and he has a patent of its deaign and on production process.The benefits of patent and copyrights are although to protect the rights of the inventor but on the other hand the adverse effect of patents are they create monopoly which is not a good market structure as the rights to manufacture moves in the hands of few people as due to this economic progress is hampered as the technology is not allowed to be decentralised.The best and classical example is Henery Ford in which he has to fight with the patents holders of the automobiles sector inorder to facilitate bulk production of cars.Secondly they harm in turns of healthy competitions as the other people in order to counter the patent adopt illegal practices and the mutual collaboration is not there and hence the advantages of economies of scale is lost.It hampers the export as the country which protects each and every copy rights and patents lead other country to block its export hence despite of very critical patents and copyrights it is not wise to patent and copyright every innovation .Human behaviour can be factored for innovation as through using motivation techniques and through positive reinforcement a technique of reward giving which include monetary as well as non monetary rewards like recognition in order to promote innovation