ATAR Notes: Forum
VCE Stuff => VCE Business Studies => VCE Subjects + Help => VCE Economics => Topic started by: Collin Li on November 28, 2007, 01:39:50 pm
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This seems to be a very difficult topic, as there are advantages and disadvantages involved with any sort of policy. Designating intellectual property rights is the norm at the moment, with patents for example providing an incentive for private companies to invest in R&D. However, the infinite nature of intellectual property means that inefficiency in the market occurs because if an underutilisation of the intellectual property, due to monopolistic restrictions empowered by patents.
Discuss.
Useful links:
http://en.wikipedia.org/wiki/Intellectual_property
http://en.wikipedia.org/wiki/Tragedy_of_the_anticommons