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Off topic but what would be the downside of having no patents in today’s world? I actually think it would drastically accelerate the pace of innovations.
by bitxbit 6y ago
Off topic but what would be the downside of having no patents in today’s world? I actually think it would drastically accelerate the pace of innovations.
- CraftThatBlock 6y agoThe purpose of patent is to encourage innovation. If companies/individuals didn't have protection for their invention, why would they invest into R&D if their competitors could steal their idea/process? It provides a middle-ground - the inventor has exclusive rights to the invention for a portion of time (20 years), where they can reap the benefits of the patent. Once it expires, anyone can use it.
- bitxbit 6y agoI don’t think patents encourage innovation at all in today’s world (and for that matter it’s questionable if they ever did). The main driver behind innovation is rarely monetary.