Need an essay type answer can be a paragraph or more, whatever is necessary to answer question.
Full Question: Government involvement in general scientific research has been justified on the grounds that advances in knowledge are public goods - once produced information can be shared at virtually no cost. A new production technology in an industry could be made available to all firms, driving down the price and benefiting the public. However the patent system is a form of a property right, keeping benefits away from the general public. What would you do to internalize the cost to society by keeping information as a private good?
Full Question: Government involvement in general scientific research has been justified on the grounds that advances in knowledge are public goods - once produced information can be shared at virtually no cost. A new production technology in an industry could be made available to all firms, driving down the price and benefiting the public. However the patent system is a form of a property right, keeping benefits away from the general public. What would you do to internalize the cost to society by keeping information as a private good?