Final answer:
The Federal Government grants patents to promote innovation, protect inventors' rights, and stimulate economic growth.
Step-by-step explanation:
The Federal Government grants patents for several reasons, despite the fact that economists agree that patents reduce competition.
One reason is to promote innovation and protect the rights of inventors. Patents provide inventors with the exclusive right to their inventions for a limited time, which incentivizes them to create new and useful inventions. By granting patents, the government encourages inventors to invest time, money, and effort into developing new technologies and solutions that can benefit society.
Another reason for granting patents is to promote economic growth and encourage entrepreneurship. Patents can attract investment and spur economic activity by giving inventors and companies the ability to profit from their inventions. This can lead to the creation of new markets, industries, and job opportunities.