Patents
Patent is when someone who invents something takes out the license, thereby restricting other people from using that invention so that they can form businesses, make a product and have full ownership.
Sometimes, the person who patents the product isn’t the
inventor. But he was able to get a hold of the product and patent before
anybody else did. Some say patents are good because they inspire inventors to
activity; like research so that they can profit from inventions that they make.
This is good for society as a whole.
The early American fathers spoke of patents and saw its
dangers in the sense that if patents restricted competitions in the market
place indefinitely, then those who own the patents, could earn super profits. Also,
if they had continued ownership of that patent so that there will be no
competition in a long time, then the producers will emerge huge profits,
thereby end up becoming monopolist.
We need to be free from this. We need proper law to be put
in place.
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