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"Education is the most powerful weapon which you can use to change the world”
– Nelson Mandela

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Q Intellectual property laws are intended to promote innovation, but some economists, such as Milton Friedman, have argued that such laws are not desirable. In the USA, there is no intellectual property protection for food recipes or for fashion designs. Considering the state of these two industries, and bearing in mind the discussion of the inefficiency of monopolies, can you think of any reasons why intellectual property laws might hinder innovation in some cases?

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The main issue of patents in that of the technology sector is being prevailing over the last 20 years or so and the problem is not getting solved in any way. If patents are being applied then it turns out to be helpful for the people in terms of the innovation and the competition which prevails in the market. Along with this, there are also being found to be some of the backlog in terms of the patents which are being scheduled for the office of the patents. However if the patents are being found to be too strong then some of the disadvantages do lie. It helps in making the innovation quite impossible to happen and in this regard, permission is needed to be granted from all the patent holders so that the cost of innovation can be raised. But on the other hand, because of the presence of strong patents some of the big sized firms do get benefitted and the large firms do utilize this strong patent so that they can be successful in locking their position in the market.