Assignment Example | Topics and Well Written Essays - 250 words - 2

Assignment ExampleIn other words, patents give these inventors the right to keep a monopoly for twenty years. Monopolies argon so important in this context because if they did not exist, an inventor would probably not receive any financial compensation for his or her work, since the imitators would steal it and scarf out the market with copied stuff, making the price collapse along with them. As a result, in a world without patents, a lot less people would authorize their time, effort and money required to achieve new things. In order to remedy this situation, the nations all around the world offer inventors monopolies on patents. The result is overmuch quicker innovation an economic growth much more accelerated and at quicker speeds in the lifestyles. In truth, it is difficult to think about a more beneficial monopoly from the social view of patents (http//www.beginnermoneyinvesting.com/html/examples_of_good_monopolies_.htm). 2. USPS The maintenance of the USPS monopoly is good b ecause provision of uniform subsidized mail service (particularly to remote areas) produces positive externalities that would be underproduced by a competitive market and ii) provision of conventional mail services lends itself to natural monopolies in smaller markets. The USPS does not operate its enterprise in order to maximize profits, as would a conventional monopolist.