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Microeconomics: Patent, Antitrust Laws - Article Example

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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…
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Microeconomics: Patent, Antitrust Laws
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Microeconomics: Patent, Antitrust Laws
Summary
Both antitrust and patent laws are vital in economies. Whereas patent laws attempt to promote invention and innovation through providing exclusive rights to inventors and innovators of their works, antitrust laws attempt to prohibit anti-competition within an economy that usually results into monopoly. These two sets of laws are now coming to technology with specific focus on hand held devices. Based on Catan’s arguments, antitrust and patent laws are in collision with the former frowning on exclusive competition (monopolies) and the latter granting such exclusive monopolistic powers to investors. Technologically developed handheld devices face the collisions of these two sets of law. Whereas there are firms that would wish to have patents laws others strongly believe that monopolistic powers are unhealthy. For instance, Google Firm as well as Banes and Nobles experienced such disorientation when the former accused the latter on monopolistic power while the latter defended herself claiming that there is provision for the same. Other firms that have so far been in such fights include Apple Inc. and Microsoft as well as Eastman Kodak Co. and InterDigital amongst others. Catan points out that there is a need for Justice Department to handle the matter with care as going to the extremes have serious demerits.
Personal Opinion
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.
Work Cited
Catan, Thomas. “When Patent, Antitrust Worlds Collide”, Wall Street Journal, November 14, 2011 from http://online.wsj.com/article/SB10001424052970203503204577036003036334374.html Read More
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