Principles of Economics: Microeconomics - The Costs and Benefits of Monopoly

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What you'll learn

This course includes

11.5 hours of video
Certificate of completion
Access on mobile and TV

Summary

Keywords

Monopoly (Literature Subject) Economics (Field Of Study) Cost–benefit Analysis Market inefficiencies deadweight loss Research And Development (Industry) Pharmaceutical Industry (Industry) Patent (Legal Subject) Innovation (Quotation Subject) Microeconomics (Field Of Study) econ monopoly

Full Transcript

In this video, we explore the costs and benefits of monopolies. We cover how monopolies and patents breed deadweight loss, market inefficiencies, and corruption. But we also look at what would happen if we eliminated patents for industries with high R&D costs, such as the pharmaceutical industry. Eliminating patents in this case may result in less innovation and, specifically, fewer new drugs being created. We also consider some of the tradeoffs of patents and look at alternative ways to reward research and development such as patent buyouts and using prizes to foster innovation. Microeconomics Course: http://bit.ly/20VablY Next video: http://bit.ly/1XMYb62 Help us caption & translate this video! http://amara.org/v/GSLL/

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