Principles of Microeconomics / Unit 8 MIC 0728 short lesson, about 20 seconds
Innovation and the Quiet Life
Captions available
The idea
The prospect of monopoly profit spurs invention, the case for patents. Once protected, a monopolist may slacken, since nothing forces it to improve. Both effects are real; their balance is contested.
In practice
One economist's line: the best of all monopoly profits is a quiet life.
Where people slip
The course reports both positions and takes neither; the evidence on which dominates varies by industry.
Your place on the trail
Every lesson rests on earlier ones and opens later ones. Tap any to jump.
Builds on
Unlocks
- Nothing yet depends on this.
Something wrong in this lesson? Flag it