Living in an imperfective world and contributing to it

Though many economists may describe how perfect markets are the cornerstone of a healthy economy, most of the wealth creation is happening around market imperfections. You can make  money in engaging into activities aimed at suppressing any imperfections in the markets(for example taking advantage of inconsistencies or deviations of traded items – an activity called arbitrage that generated a recent drive at getting information a few microseconds earlier by locating computers as close as possible to the exchange floor).

Another way to benefit from market imperfections consists in generating them, for example through patents. Patents provide a quasi monopoly to their holders to commercialize their invention.

Should we avoid contributing to such market imperfections and stop providing exclusive patented rights to firms ?  Clearly not since often such incentive maybe required to allow the necessary investment be made to reach market. However sometimes another route consists in non-exclusively licensing out technologies to spur competition among firms willing to develop and bring the invention to market.  Since it requires more work to be done effectively, one tends to overlook such opportunities.

Reaching out to(more) perfection may be something worth pursuing outside of theological endeavours.

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