Intellectual Property: An Important Asset in the Current Knowledge Economy

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.

It is intended both to provide thumbnail descriptions of the various intellectual property regimes to economists working in this area and to indicate where additional economic research might be useful. The other papers in this symposium provide important examples of ongoing research on the economics of intellectual property. Suzanne Scotchmer analyzes the complex effects of patent protection when innovation is cumulative. Rather than analyzing situations in which several firms vie to develop the same innovation-the approach of the "patent race" literature-her analysis examines circumstances in which only one firm can develop an initial innovation but others can also build upon it. She focuses on how the incentive to develop both the initial and subsequent inventions may be affected by the scope of patent protection. Janusz Ordover considers ways of adjusting the patent system that may help to both provide returns to the inventor, and encourage the diffusion of the innovation in the economy. His paper is part of a line of work that explores the place of the intellectual property system among the large number of institutions that affect the amount and nature of research and development that takes place. In the final paper, David

Intellectual property protects legal rights and ownership in the market place through ‘intellectual property rights’. This can include trademarks, copyright, industrial design and patens. These protect brand names, designs and inventions.

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

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

Similarly, another advantage of the patent is restricting competitors. In the smartphone industry, Apple had a patent for its slide and lock feature and other competitors such as Samsung are unable to use that feature. With patents, companies are able to differentiate themselves and their products and they can restrict the innovation of other companies.

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 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

Patents are a particular type of institution that is designed to protect an individual’s intellectual property rights. Britain’s patent system was established in 1624 and rose steeply in the mid-1750s which is around the time that the Industrial Revolution commenced (Moykr, 2009, p. 349). The significance that patents exercised during the Industrial Revolution was influenced by the political events that were occurring during this time. The political events increased the importance of intellectual property rights (Mokyr, 2009, p.349). Therefore, during the Industrial Revolution, there was an increase in the desire to protect the inventions or ideas of individuals. However, some inventors have expressed different opinions of the patent system

Firms develop some technologies that might not be patentable, might not be worth the cost of applying for a patent, or might be more valuable if kept undisclosed. They prefer to keep knowledge of such processes proprietary as trade secrets, or undisclosed information. Trade secrets are protected by legal rules against learning by rivals through dishonest means. Such protection lapses if the technologies are discovered by fair means, such as independent invention or reverse engineering. Protecting trade secrets is beneficial to the extent it encourages the development and commercial use of sub-patentable inventions. Rules protecting trade secrets thus promote adaptive innovation and encourage learning through legal means.

Inprotech allows law firms and intellectual property management specialists to take a holistic approach to managing valuable IP assets owned by their clients. A flexible system ensures that each firm can follow its own work practice to protect these valuable assets; adaptability means that there are endless possibilities for improving productivity over time. As an integrated intellectual property and practice management system, Inprotech stores a wealth of valuable data enabling decision makers to combine financial information with case management statistics to inform and guide consideration of strategic business plans.

Description of cultural attitudes towards and presumption about whether a person can own words and knowledge. Indicate if modern trends such as globalization and easy access to information affected these and give consideration as to whether are also applicable in an organization. Also indicate if the presumptions hold true in ones career as an employee of the organization and how may this essay be relevant to ones work.

Technology innovation has been widely considered as a major driving force to the economic growth and urban prosperity, especially to the long-term development. According to the World Intellectual Property Indicators (WIPO, 2013), the total number of patents produced worldwide is 2.35 million in 2013 with an increasing growth rate over 9%. Innovation capacity has been the most important component of a city’s competitiveness. A good measurement of the innovation ability is the number and quality of patents that generated by the city.

When we use our mind as the intelligent humans we are, sometimes out of that comes Intellectual property. Intellectual property is an idea that was created by one with the intention to trademark, copyright or patent the creation they have made. There are many forms of intellectual property that exist ranging from artistic sides to mechanical sides and etc. With those many forms intellectual property is broken down into two factions, industrial property and copyright in which all the forms of intellectual property lye somewhere in those two factions. To understand intellectual property a little more we need too look at the two and break down the factions. Also take a look at the protection and the laws that pertain to copyright, trademarks, and patents.

Intellectual property is critical to many companies in order to foster innovation and boosting their revenues. Many industries rely on the protection of patents, trademarks and copyrights as they are valuable assets for companies’ success. By protecting intellectual properties, it ensures that the original owner reaps full benefits from his/her ideas, features, products and creations.