Suppose a company now invented "the wheel"; reinventing the wheel in a thousand different ways just to evade a patent on the wheel is wasteful. Let companies pour less resources into making copies, instead of pouring them into making slightly different and probably inferior stuff. That means more resources left for investment on really original stuff. Let prices be lowered faster by scale and efficiency gains by eliminating managed artificial scarcity.
In general I agree with you: patents are often used to block competitors (see Apple) instead of allowing for share of knowledge as they were supposed to be.
Taking your example: the invention of the wheel would have been kept secret and nobody would be able to improve upon it.
In this example a company see the wheel in action and invent a war-chariot (paying a royalty to whom invented the wheel).
The concept of patents is exactly about allowing innovators to don't keep their inventions secret but to offer an incentive to share knowledge.
However patents have, in my opinion, a far too long duration.
Today the duration of a patent is a minimum of 20 years from the date of filing (however countries can decide for a longer grant or different starting date).
Lets now look at the pace of evolution in technology: what computers did we have 20 or 25 years ago?
It's redicolous that "inventions" in technology can be protected for such long time.
The other problem, in my opinion, is the possibility to patent ideas without actually implementing anything.
If you have a good idea and you want to protect it, you have to implement it even as simple proof of concept or prototype.
It happens rarely today (too strong competition to don't use good ideas immediately) but still happens.
I am a patent owner (3 patents for software) but I still feel completely silly that a patent can be filed without implementation and keep the idea protected for over 20 years!
Last but not least is the possibility to patent simple ideas (e.g. rectangular screen for a tablet).
It's ironic that "silly" patents can be enforced at will while patents for essential technology must be licensed in a special way (FRAND: Reasonable and non-discriminatory licensing) and limited cost.
So far as I'm aware, the only difference between patents and copyrights is that patents are generally in engineering or inventions, while copyrights apply solely to works of art and entertainment, etc.
A lot of people confuse IP protection with copyright and trademark.
Copyright is what protects an intellectual creation (e.g. a song or a story). that has no practical application.
Patents last for 20 years which is a reasonable time frame with which to make a profit; copyrights last 70 + the life of the author. Incredibly and infuriatingly long. I have voted accordingly.
20 years for the duration of a patent is not short nor long... it depends on the field.
In medicine, where the research and development of a drug last for more then 10 years and it's regulated by long safety trials, a patent duration of 20 years is well justified.
In software industry, where R&D projects are often measured in months, a 20 years duration for a patent is clearly too long.
5 years is already an eternity: even well paid exclusivity contracts are rarely longer than 1 year.
A 90 years protection for copyright (actually 90 years after the death of the last "creator") is completely bullocks: it's only made to protect the gain of a corporation and not to protect the artist.
In my vote I expressed that IP protection is necessary but needs to be considerably shortened.
For copyright protection, not only I would shorten it to a mere 5 years from first public occurrence but also waver it away for non-profit use.