It is interesting that monopolies are out of fashion, except where intellectual property is concerned. For intellectual property, theory goes, monopoly rights are awarded by the government to foster the innovation process that is essential for the well-being and progress of society. In the case of patents, these rights allow patent holders to recover the costs incurred in research and development and obtain exclusive economic profit generated from the invention during the length of the patent.
Wednesday, January 09, 2008
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