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Intellectual property laws are intended to promote innovation, but some economists, such as Milton Friedman, have argued that such laws are not desirable. In the United States, there is no intellectual property protection for food recipes or for fashion designs. Considering the state of these two industries, and bearing in mind the discussion of the inefficiency of monopolies, can you think of any reasons why intellectual property laws might hinder innovation in some cases?
For the following key term or person, write a sentence explaining its significance: intellectual property
Genetic engineering is often used on the produce to change the characteristics to make them more marketable. Things like seedless grapes and watermelon do not occur naturally but their genetics can be altered to produce fruit that is easier for consumption or cheaper to grow.
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