Discuss The Arguments For And Against Temporary Monopolies

Temporary Monopolies and Intellectual Property Rights
What are the arguments for and against allowing temporary monopolies by allowing intellectual property rights? What forms of intellectual property exist for designs, and how are these different from patents and copyright?
Knowledge and creativity are essential components in product innovation, and significantly contribute toward sustaining a competitive edge. Allowing temporary monopolies by allowing intellectual property rights have both pros and cons.
Advantages of allowing a temporary monopoly by allowing intellectual property rights offers the benefit of protection from other competitors from benefiting from the innovation, and provides the opportunity to research and develop a