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Article 8 of the US Consitution empowers Congress, in part, “To promote the progress of science and

Article 8 of the US Consitution empowers Congress, in part, “To promote the progress of science and useful arts, by securing for limited times to authors and inventors the exclusive right to their respective writings and discoveries.”

Some economists consider that patents & copyrights (what is called “intellectual property” or “intangible property”) in their current form contribute to stifling innovation and to the unequal distribution of income by taking advantage of monopoly profits. Here is a short discussion of the benefits and costs of patents & copyrights (IN PDF FILE ATTACHED). And here is a discussion of the effects of IT monopolies on income & wealth inequality.

Discuss whether in your view the patent & copyright system in the United States is optimal, if it should be modified, or if it should be banned altogether. Please justify your response with evidence.

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