The purpose of the patent system, which began in Renaissance Italy, is to encourage innovation. In contemporary society, in return for teaching a new and inventive technology, applicants are rewarded with a limited monopoly for their invention.
Patents may be obtained for technological inventions which may range from apparatuses to processes.
A patent will only issue for inventions that are:
• Absolutely novel
• Non-obvious or inventive
• Useful
Patents are a type of monopoly
The modern world supports the free market and is generally opposed to protectionism. Monopolies are frowned upon. However patents give a limited monopoly and are probably the only legal type of monopoly available. They are limited in scope by the boundary of the allowed claims and are enforceable only within territories where protection is sought in a timely fashion. They also have limited duration.
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