Quotulatiousness

January 15, 2016

The Costs and Benefits of Monopoly

Filed under: Economics — Tags: , , , — Nicholas @ 04:00

Published on 18 Mar 2015

In this video, we explore the costs and benefits of monopolies. We cover how monopolies and patents breed deadweight loss, market inefficiencies, and corruption. But we also look at what would happen if we eliminated patents for industries with high R&D costs, such as the pharmaceutical industry. Eliminating patents in this case may result in less innovation and, specifically, fewer new drugs being created. We also consider some of the tradeoffs of patents and look at alternative ways to reward research and development such as patent buyouts and using prizes to foster innovation.

Related posts:

  1. Maximizing Profit under Monopoly
  2. Legal weapons of mass destruction
  3. The forgotten history of the game of Monopoly
  4. Challenge to human gene patents allowed to proceed
  5. Tim Harford on the patent system’s failings

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