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This paper is conceptualized within the framework of liability system as an exchange system based on the ‘Law and Economics’ approach. It empirically measures, in percentage terms, the nature, types, causes, form and extent of harm faced by the consumer during transacting goods and services based on Consumer Protection Act, 1986 and the extent of redressal available to the consumer under Consumer Protection Act 1986 in order to evaluate the Consumer Protection Act, 2019 Act on efficiency parameters. The random sampling method has been applied to identify a total of 200 cases from the states of Kerala and Rajasthan over a three-year time line. The data analysis of the two states highlights significant reduction of transaction cost as well as efficient internalization of the harm in the Consumer Protection Act 2019 Act as compared to its 1986 counterpart; yet there are instances where 2019 can be made more efficient.

Patents provide incentives to the individuals; in particular, the inventors deserve recognition for their creativity and material reward for their marketable inventions. The incentives encourage innovation, which ensures that the quality of human life is enhanced. The protection stimulates research, which results in technological development. The chapter seeks to analyse in detail the importance of patents from an economic perspective and exploring the paradigm of its social costs and benefits. It also illustrates the co-relation between sustainable development and patents. Sustainable human development can be achieved by green and ecofriendly technology, which is vital to ensure global growth, taking into consideration the needs of the poorest countries, while enhancing the performance of advanced economies. In this backdrop, patents are a dominant factor due to their key role in encouraging technological innovation as well as research and development.