Intellectual property laws are intended to promoteinnovation, but some economists, such as MiltonFriedman, have argued that such laws are not desirable.In the United States, there is no intellectual propertyprotection for food recipes or for fashion designs.Considering the state of these two industries, andbearing in mind the discussion of the inefficiency ofmonopolies, can you think of any reasons whyintellectual property laws might hinder innovation insome cases?
Intellectual property laws are intended to promoteinnovation, but some economists, such as MiltonFriedman, have argued that such laws are not desirable.In the United States, there is no intellectual propertyprotection for food recipes or for fashion designs.Considering the state of these two industries, andbearing in mind the discussion of the inefficiency ofmonopolies, can you think of any reasons whyintellectual property laws might hinder innovation insome cases?
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Intellectual property laws are intended to promote
innovation, but some economists, such as Milton
Friedman, have argued that such laws are not desirable.
In the United States, there is no intellectual property
protection for food recipes or for fashion designs.
Considering the state of these two industries, and
bearing in mind the discussion of the inefficiency of
monopolies, can you think of any reasons why
intellectual property laws might hinder innovation in
some cases?
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