Patents actually
incentivize innovation - not hurt it.
Useful innovations are those which help society. Things that enable "standing on the shoulder of giants". Society values those innovations.
Often, the simple innovations are the best ones - yet, the simple innovations are also the ones most easily copy-able.
But, if something is easily copy-able, then one hesitates making those ideas public - for fear of copying and undercutting by competitors. Studies have shown that typically ~80% of R&D ends up as wasted effort (those 23 forks embarked on to realize #21 was the best).
So how can society encourage innovations to be made public? By providing incentives - such as patents - which are a limited time monopoly in exchange for fully describing the idea. Once the limited time monopoly expires, it is free for all - but in the meantime, others can read and understand the innovation - and either workaround (and provide society ANOTHER idea) or improve upon further or simply spark another idea.
Open societies out-proposer closed societies.
Useful innovations are those which help society. Things that enable "standing on the shoulder of giants". Society values those innovations.
Often, the simple innovations are the best ones - yet, the simple innovations are also the ones most easily copy-able.
But, if something is easily copy-able, then one hesitates making those ideas public - for fear of copying and undercutting by competitors. Studies have shown that typically ~80% of R&D ends up as wasted effort (those 23 forks embarked on to realize #21 was the best).
So how can society encourage innovations to be made public? By providing incentives - such as patents - which are a limited time monopoly in exchange for fully describing the idea. Once the limited time monopoly expires, it is free for all - but in the meantime, others can read and understand the innovation - and either workaround (and provide society ANOTHER idea) or improve upon further or simply spark another idea.
Open societies out-proposer closed societies.