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That's the theory, but the historical reality is that patents both inhibit innovation and don't make more money for people. James Watt actually made MORE money when his patent on the steam engine expired, and he focused on innovation instead of expending energy on suing people who improved on...

This is yet another example of why I'm not a fan of patents. Contrary to the standard justification, patents inhibit rather than encourage innovation. https://mises.org/wire/how-patent-troll-wright-brothers-fought-stifle-innovation