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Joseph Stieglitz Monopoly

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As the monopoly power exists, it will also impede individuals’ creativity and innovation skills. Some individuals have lower chances to express their skills to society or the market, and eventually, they fail to achieve any benefits. Joseph Stieglitz states that when the government provides a patent for a company, the companies always achieve more benefits than who are not in the industry. He says that “The patents are designed not to maximize the pace of innovation but rather to maximize rent” (Stieglitz 404). The patent law allows the company to monopoly this industry field for a long time even if the company did not provide any innovative products for the consumer at all. As the company holds the patents, it also influences other companies

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