Implementation of Intellectual Property Right: Multiple parties’ Responsibility

An Introduction to the Law and Economics of Intellectual Property Author(s): Stanley M. Besen and Leo J. Raskind Reviewed work(s): Source: The Journal of Economic Perspectives, Vol. 5, No. 1 (Winter, 1991), pp. 3-27 Published by: American Economic Association Stable URL: http://www.jstor.org/stable/1942699 . Accessed: 24/11/2011 08:39

Intellectual property is a broad term that is used to refer to the rights that the owner of an invention or an artwork enjoys. An example of intellectual property law is the Trade Related Aspect of Intellectual Property Rights (TRIPs), which gives individual rights such as patent, designs, and trademark. Intellectual property is contained in the Article 2(viii) of the convention, which led the establishment of the World Intellectual Property Organization (WIPO). Literary works, inventions, discoveries, trademarks, and industrial designs are among the rights that are provided in WIPO. Intellectual property in Australia has a strong judicial support.

Jain, S. C., & Bird, R. (2008). The Global Challenge of Intellectual Property Rights. Cheltenham, UK: Edward Elgar.

The protection of intellectual property is important because, without it individuals and companies would be less likely to invest their time or money in new ideas. If the company puts a lot of money into research and development of a new surgical procedure for knee replacements, it would not be fair if a different company could just use their idea. There would be no financial gain to encourage companies to spend the time and money developing new procedures.

Everywhere we look there is intellectual property. Intellectual property relates to intangible property such as patents, trademarks, copyrights, and trade secrets” (USLegal, n.d.). With all of the intellectual property readily available, online and in print there is no wonder that we as a society have an issue with safe guarding our own intellectual property. In order to protect our intellectual property there have been many laws and or rules established to govern how we handle and safeguard this type of property. These laws are found at both state and federal levels and are different between states. In a similar fashion, laws vary between countries as well.

Intellectual property is described as a person’s ideas, inventions, or works that become their property. The owner of this property then has rights to the property. These rights protect the products of human intelligence and creativity. These rights have been categorized into three subjects: patents, trademarks, and copyrights. Each of these three categories have their own set of laws and policies. Each policy is set into place for specific reasons to protect the owner’s and their intellectual property from being subjected to intellectual property theft. IP theft is a growing industry of thieves that is becoming a much easier task since the invention of the internet.

The second form of intellectual property that must be implemented is Patent. We must protect

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

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).

What is intellectual property? Intellectual property or IP for short is creations of the mind, such as; inventions, literary and artistic works, designs and symbols, names and images used in commerce. Among these IP also includes trade secrets, patents, copyrights, and trademarks. IP and its protection are detrimental to the success of the economy. IPs are the innovations that drive the market forward and they are what created eras like the renaissance and the industrial revolutions. But nowadays it is a lot easier to steal one 's idea and pass it on as your own. There lays a major problem that the United State and many countries around the world face. Over $300 billion have been lost due to the theft of IPs from the U.S. per year.

Intellectual property (IP) is the meant to protect the creations of the mind, such as inventions for trademarks (sign, design or expression), patents (mechanics, pharmaceuticals, and chemistry), and copyrights (books) used in commerce. By definition it is an intangible property, the product of human ingenuity, protected by law (Johnson & Lau, 2011). Intellectual property needs to be protected for the consumer and for the industries competitiveness. The government and the federal laws can protect intellectual property. The regulations for intellectual property may be far fetching, but they are there for valid reasons. There needs to be a proper balance between content producers and the public good. Those

In the global business arena the concept of intellectual property has drawn much more attention now than there before, globally the protection of intellectual property is at a dynamic stage, the international cooperation on science and technology and the development of economy and trade, the legal protection of intellectual property is playing a significant role in society. According to the World Intellectual Property Organization (WIPO) intellectual property refers to the creations of human minds which include among others, inventions, literal and other artistic works, symbols and names and designs used in commerce (WIPO, 2002).

The World Intellectual Property Organization is an international organization whose purpose is promoting innovation and creativity by ensuring that the rights of owners of intellectual property and creators are globally protected, and that authors and inventors are thus rewarded and recognized for their ingenuity.[1] The term intellectual property refers to the creations of the human mind and includes patents, trademarks, trade secrets and copyright.[1] Copyright allows the creator to have full control over reproduction, distribution, ownership, broadcasting, communicating to the public, performing publicly, renting, and the right to distort or modify their work.[1]

The stated purpose of IP law is to promote progress on the consumer side and further on in the society, this is done by disclose new inventions and creative works that will mutually benefit to the society. The idea behind it is that creators wouldn’t have sufficient motivation to invent unless they were legally entitled to own the rights and full value of their work and inventions (Overbeck, W., & Belmas, G., 2014)

Copyright was incorporated to promote advancement of knowledge and to protect the right of the inventor, yet the law’s interpretation to the present society is doing the exact opposite. Intellectual Property consists of two systems in protecting your ideas and inventions, copyrights and patents. Patents are usually used for creators or inventions while copyright is more of expression or ideas like music, movies, etc. The intellectual property, copyright and patents placed in nowadays are causing a big issue and are not doing the original laws justice. The first amendment prohibits abridging the freedom of speech (1st Amendment Bill of Rights). Based on what the first amendment allows us to do, individual should not be prevented from exercising that right. Intellectual property, copyright and patents are causing the very problems they were created to prevent. Companies are misusing these rights for their own economic advancement. Kembrew Mcleod made similar arguments in his piece, Freedom of Expression: Overzealous Copyright Bozos and Other Enemies of Creativity. There has to be middle ground within these laws so that issues do not arise.