Innovation: The Cotton Gin, Speed Dating, and the Patent System

Innovation
Comments (1)
  1. Lauren Miller says:

    I think that protecting the ideas and innovations of entrepreneurs through patents is essential to sustained economic growth. Patents create incentives to pursue innovation because the expected pay-off is greater, which increases the supply of entrepreneurship and creates a wealth of innovations that can have a significant and positive impact on the economy. I recognize that there are many costs associated with patents, such as lawsuits and the possibility of monopolies, however, I think that US drug patents that last for twelve years before generics can be produced are an effective way of reducing the costs of patents while protecting the opportunity for pharmaceutical companies to profit off their new products.

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