Question

Now explain whether you feel that trademarks and patents are examples of unfair competition or are necessary for technological and social advancement

Answer 1

If a product has a patent or trademark it forces a company to create a new or better product by using alternate method. Patents and trademarks continue to foster ex ante innovation meaning, they induce people to invent because of the prospect of profiting from those inventions.  Patents not only promote innovation and economic growth, they are also one of the most effective tools for knowledge-sharing and technology transfer ever devised.

The protections offered by the patent system would thus be an important stimulus to the exchange of technological information. Moreover, it is likely that the cross-fertilization that resulted from these information flows would be a potent stimulus to technological change.

Example Semiconductors (consumer electronics), PCs, software, biotech, mobile telephony, and Internet e-commerce were all launched on the basis of patented inventions created by startup businesses

To conclude we can say that patents and trademarks are strongly correlated with increased innovation, knowledge sharing, and economic growth.