Essay: Patents and Copyrights

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Economics -- Proprietary Intellectual Rights

I would argue, in principle, that patents and copyrights perform the same essential function in the market, that they do not create monopolies, but that they are justified by slightly different underlying rationales. More specifically, both patents and copyrights grant exclusive rights to profit from ideas to the creator of those ideas (Edwards, Wattenberg, & Lineberry, 2009; Halbert & Ingulli, 2008). However, there is a fundamental conceptual difference between monopolies and recognition of the rights that flow from independent initiative simply because the benefits that are attributable to patents and copyrights would not exist for any market participant but for the independent initiative of the owner of those rights.

Gasoline or steel, for example, could be produced and sold to market by any market entrant with the capacity to overcome the natural barriers of doing so. Therefore, the award of exclusive rights in those industries would constitute an artificial… [END OF PREVIEW]

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Patents and Copyrights.  (2011, June 27).  Retrieved November 21, 2019, from https://www.essaytown.com/subjects/paper/patents-copyrights/71193

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"Patents and Copyrights."  Essaytown.com.  June 27, 2011.  Accessed November 21, 2019.
https://www.essaytown.com/subjects/paper/patents-copyrights/71193.