An Introduction to the Law and Economics of Intellectual Property

Protection of intellectual property are investments based on acquired knowledge, thought and effort by one or multiple individuals on behalf of themselves, the business they work for when the property is created, and a financial investment. Each of these – acquired knowledge, thought, physical effort, financial investment – have a value that can be attached as it relates the usefulness or importance of the resulting product. That value will have a level of importance to the individual(s) creating the product and if applicable, the investor providing the funds in support of the creation.

From a rule utilitarian point of view, from a macroeconomic perspective, granting software patents by giving the exclusive right to sell, use,

Lionel Bentley and Brad Sherman have, in their book; "Intellectual Property Law” acknowledged that indeed there is tension between competition law and intellectual property law. While discussing the effect of competition law on the exploitation of copyright , they state that a copyright entitles an owner to use the property in a manner which he or she so wishes and that the copyright owner cannot be compelled to apply their rights in a particular manner. This is the exclusivity of a right. They, however, acknowledge that there are circumstances in which competition law may require a property owner to make available the right for use by the public. They state that operators in dominant positions have a special responsibility not to allow their conduct to impair

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An effective system of intellectual property is important in facilitating innovation as well as economic growth within a country and across all its borders (Davidson, Monoti, Wiseman, 2012). The current global economy is concentrating more in the invention of ideas that are original, other than in manufacturing of machines. To enhance and protect these ideas, there ought to be effective intellectual property laws. The government of Australia has prioritized the protection of original ideas from individuals through copyright, patent, and trademarks among other intelligent property laws, which give the inventor a temporary period to enjoy the financial benefits of his or her original idea. The major purposes of intellectual property laws can be contested; therefore, they create areas of interest for

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One of the most controversial provisions of the World Trade Organization’s (WTO) Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS) patent regime is the compulsory product patent protection for pharmaceutical inventions. In order to comply with the TRIPS obligation, India introduced product patent protection from 1 January 2005. In doing so, India in a way reinstated the patent regime, which is believed to favour the pharmaceutical Multinational Corporations (MNCs). While carrying out the amendment, Indian policy makers were confronted with two major concerns, viz. the future of the Indian pharmaceutical industry and access to affordable medicines within the country and other developing countries. Thus the “major concern was how the adoption of intellectual property regimes would affect their efforts to improve public health, and economic and technological development more generally, particularly if the effect of introducing patent protection was to increase the price and decrease the choice of sources of pharmaceuticals”.

Intellectual property represents ideas created by minds of humans that require certain rights for their use. Intellectual property gives companies a competitive advantage and attracts the attention of other business partners and investors (Lee, 2016). With such importance, it is necessary for the law to protect these ideas from being used by unauthorized individuals. To shield from this, trade secrets, patents, and copyrights are used to protect the ownership of intellectual property (Legal Information Institute).

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Intellectual property rights are the rights given to persons over the creations of their minds. These rights make the creator/ inventor as the owner of the product/work. IP protection is intended to stimulate the creativity of the human mind for the benefit of all by ensuring that the advantages derived from exploiting a creation benefit the creator. This will encourage creative activity and allow investors in research and development a fair return on their investment. The World Trade Organization (WTO) Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS Agreement) which came into force in 1995, brought with it a new era in the multilateral protection and enforcement of IP rights. It lays down minimum standards for protection and enforcement of intellectual property rights in member countries which are required to promote effective and adequate protection of intellectual property rights with a view to reducing distortions and impediments to international trade. As per the agreement, all member countries including India are to abide by the mutually negotiated norms and standards within the stipulated timeframe. Accordingly, India has set up an Intellectual Property Right (IPR) regime and is well established at all levels whether statutory, administrative or judicial. In this context this paper focussed on the conceptual analysis of Intellectual Property Rights in the

Firstly, with laws to protect intellectual properties, it prevent and stop other companies from commercially using the protected intellectual properties in the marketplace, allowing the owner company to control the usage of their original

Today, business often crosses the boundaries and thus inventors are required to protect their inventions in the countries where they wish to operate. Patent systems of different countries are different and this creates much problem. They are often very reluctant to do business in countries where protection is very less or almost nil for their invention. Thus, neither inventor nor the countries enjoy the benefit of patent. If we examine rules of different countries then many differences can be found but at the same time many similarities can also be traced out. However, by effort and cooperation many of these differences can be minimized. Harmonization is considered as a tool for minimizing these differences of patent system of different countries.

The World Intellectual Property Organization (n.d.) helps one understand the importance of protecting intellectual property. They have spelled out several reasons of this importance including inventing new works in technology and culture, which allows progress to be made that, can be utilized worldwide. In addition, the legal protection of intellectual property encourages the commitment of additional resources for further modernization. Finally, promoting and protecting intellectual property encourages economic growth. It creates new jobs and industries. Protecting intellectual property also enhances the quality and

There is such a legal concept as "intellectual property". Intellectual property is defined as the creation of any intellectual innovation by an individual such as musical, literary, and artistic works; discoveries and inventions; and words, phrases, symbols, and designs. The law provides him exclusive rights to this innovation and is strictly against theft or plagiarism in any way. Innovators can safeguard their property by one or more of the following: copyright, trademarks, patents, industrial design rights and in some jurisdictions trade secrets.. Copyrights, patents, and trade secrets are each authored by different Offices. Each is based on the Laws of Commerce. (LII. Intellectual property). Cultural attitudes, in fact, esteem words and knowledge above that of certain other property, since knowledge is something that cannot be as easily duplicated as, for instance, an article of common furniture can. To illustrate the veneration that contemporary society accords intellectual invention, software is more expensive and valuable than hardware sink the