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Microeconomics: Patent, Antitrust Laws - Article Example

There is no doubt that healthy competition leads to the provision of high quality goods and services. On the other hand, there is so much truth in asserting that innovators and inventors need adequate encouragement and should benefit significantly from their efforts. In this case, law of patens and antitrust both come into play but at a point when they are clashing. When patent laws cease to exist, many people will wait for innovators and inventors before they come up with a replica of what has been developed. In this case, the spirit of innovation and invention shall have been disregarded. Therefore, I strongly believe that there is a need to harmonize these two sets of laws in order to have fair playing grounds for both parties in either side of the discussion. Nevertheless, economies may end up suffering from replication of goods or suffer from monopolistic powers. I therefore strongly agree with Thomas that Justice Department needs to be very keen while dealing with such matters. Relation to Microeconomics  Microeconomics is a branch of social science that describes behaviors and actions of individual intermediate and final consumers, firms, and industries. The concept of patent and antitrust laws and how they affect technological industries directly relate to microeconomics as the two sets of law describes the behavior and actions of different firms in the industry with regards to maintaining monopolistic powers or encouraging healthy competition. 

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An author of the following writing "Microeconomics: Patent, Antitrust Laws" seeks to discuss the role of both antitrust and patent laws role in economies. Furthermore, additionally, the present paper will represent its relations to the microeconomics…
Microeconomics: Patent, Antitrust Laws
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