DO PATENTS help or hinder innovation? Instinctively, they would seem a blessing, especially for backroom tinkerers. Patenting an idea gives its inventor a 20-year monopoly to exploit the fruit of his labour in the marketplace, in exchange for publishing a full account of how the new product, process or material works for all and sundry to see. For the inventor, that may be a reasonable trade-off. For society, however, the loss of competition through the granting sole rights to an individual or organisation is justified only if it stimulates the economy and delivers goods that change people’s lives for the better.
http://www.economist.com/sciencetechnology/displaystory.cfm?story_id=15479680&fsrc=rss
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