provider.

Promoting Innovation

Innovation takes time and resources to achieve. Suppose a company invests in research and development and

finds the cure for the common cold. In this world of near ubiquitous information, other companies could take

the formula, produce the drug, and because they did not incur the costs of research and development (R&D),

undercut the price of the company that discovered the drug. Given this possibility, many firms would choose
not to invest in research and development, and as a result, the world would have less innovation. To prevent

this from happening, the Constitution of the United States specifies in Article I, Section 8: “The Congress shall

have Power . . . to Promote the Progress of Science and Useful Arts, by securing for limited Times to Authors

and Inventors the Exclusive Right to their Writings and Discoveries.” Congress used this power to create the
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