What is a patent?
In: Economics
It is a government granted monopoly of an invention for a limited time in exchange for sharing the invention. Someone else explained what the monopoly means, but the second part is important as well. To obtain a patent, the owner must publicly disclose and explain it. This means that after the patent expires, the public has access to that new knowledge. If the patent system didn’t exist, people/companies would keep inventions a secret, which could be indefinite. Patents make it easier for a company to protect their intellectual property, but only for a limited time.
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