List five of the most important inventionsinnovations of the

List five of the most important inventions/innovations of the last one hundred years. *What would happen if new ideas (like those above) had to be shared with everyone else as soon as they came to be? *Based on your answers above (and your reading for the week), should a competitive framework always be preferred to monopoly? Explain.

Solution

I think the most important inventions/innovations of the last one hundred years are:

1) Internet and Broadband that keeps the world connected even if people are thousands of miles away.

2) Mobile Phones

3) Magnetic Resonance Imaging (MRI), very important discovery of all the time that can provide the deep scanning of our body.

4) Fiber Optics used for communication purposes over the large distances. It works on the phenomenon of Total Internal Reflection.

5) Online Shopping/Ecommerece, which helps you to buy everything at your home.

There are advantages and disadvantages of sharing the ideas:

Advantages:

It will help the people in taking interests in the ideas or innovation behind the ideas.

It will aware people about the importance of which the idea came in to existence.

Idea may result in development of individual as well as whole community.

Disadvantage:

It may be good for a little time and after it has a worst impact on society.

May be adapted by someone else before you try to implement it.

Not always but most of time competitive framework should be preferred to monopoly.

Competition cannot always be preferred because it makes individuals less helpful, promotes narrow-mindedness and free-riding, decreases commitments to public products, and leaves society more terrible off.