Business and Innovation

‘Patents can set innovation back rather than induce it’. Critically assess this statement based on your understanding of relevant economic theory from the module and drawing on the articles below.
Related articles
The Economist (2015) ‘Time to fix patents’, The Economist, August 8.
Phelps, M. (2015) ‘Do Patents Really Promote Innovation? A Response to The Economist’, Forbes, 16
September.
Meurer, M.J. and Freilich, J. (2021) ‘Patent system often stifles the innovation it was designed to encourage’,
The Conversation, March 16.