At First Patents Might Seem Like a Deterrent to Growth

question 25

Essay

At first patents might seem like a deterrent to growth because in effect they restrict the use of new technology. Yet many economists believe that patents generate growth. Explain why.

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Definitions:

Proportion Difference

The difference in the percentage of occurrences of a certain attribute or outcome between two groups or over time.

Canadians

Refers to the people who are citizens of Canada, a country located in the northern part of North America.

Confidence Level

Confidence level represents the likelihood, expressed as a percentage, that a specified confidence interval will contain the true parameter value.

Headache Medicine

Medication intended to relieve the pain and symptoms associated with headaches.