Question

Why is it efficient to limit the duration of patents and copyrights, whereas real property rights endure almost forever?

Answer 1

It is quite desirable and efficient to limit the time period for which patents and copyrights holds valid for various reasons such as:

• It helps in eliminating monopoly as monopoly stays for a particular time period only and then it encourages other people interested in that field to research further from the point from where it was stopped. It increases the clarity over the topic and better insights can be derived as motivation level of researchers is high.
• There is certain information that remains with the researcher because of the patent and is not released to the public and hence temporary duration patents and copyrights would ensure that socially all the information is distributed.
• Whereas in case of real property rights that monopoly is actually not a question and in turn it increases a healthy competition and hence they can be forever. The names are usually general in nature and hence using those names 1 person cannot hold all the rights and privileges and many people start a healthy competition.
• It reduces cost as we do not have to keep a record of all the patents for the entire life.