n Without Prejudice - A reverse incentive theory for patents : intellectual property
|Article Title||A reverse incentive theory for patents : intellectual property|
|© Publisher:||JetBlue Publishers (Pty) Ltd|
|Author||Ralph Van Niekerk|
|Publication Date||Dec 2014|
|Pages||26 - 27|
The Incentive Theory is the most popular explanation for why the patent system is a good thing for society. According to the Incentive Theory, innovating is inherently risky and expensive and so we need to provide incentives to encourage innovation. Without incentives, no profit-driven company would invest in research and development (R&D), knowing that the output of their R&D could immediately be copied by a company that had not incurred the cost of development.
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