Question

discuss rent seeking in patents vs copyright and give examples for each

Answer 1

Patents and copyrights are methods of rent seeking by firms or individuals for their own original work.

While a copyright is a right to one’s own original ideas, be it piece of art, music, literature, etc. it majorly pertains to ideas in their tangible form. When a copyright is registered, it bars others from copying or selling the original work. Eg music tune developed by a music composer

A patent is for a process or production technique invented or discovered by a firm or person. When a patent is registered, it bars others from using that technique. Eg. A new device invented to detect cancer

While a copyright is mostly automatically registered, patent requires an extensive process to get registration. Patents are for a lesser time period (20 years), as compared to copyrights (60 years)

Both these methods are forms of rent seeking, as they are aimed at making money by charging people who wish to use their techniques for their own work. However, copyrights are for ideas while patents are for techniques and process.