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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.


Definitions:

Semicircular Canals

Part of the inner ear involved in maintaining balance and sensing rotation of the head.

Motion

The action or process of moving or being moved, involving change in position or location.

Planes

Flat, two-dimensional surfaces that extend infinitely, or a reference to different levels or areas of thought, existence, or development.

Proximity

The physical or psychological closeness between people, objects, or ideas, which can influence their interaction and relationship.

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