Intellectual Property : An Important Component Of National Economic Policies

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Intellectual Property is a general term used to refer to independent statutory or non-statutory systems such as patents, copyrights, trademarks and trade secrets (Drahos). Like the industrial revolution, post-war consumerism and the technology revolution, the world is currently in a state of change (Daly). Unlike those periods, however, the convergence of economic, social and environmental pressures has created an even more favourable platform for innovation (Daly). Intellectual Property plays an integral role in many functions of everyday life, specifically in encouraging innovation through product development and technological change (Daly). IP protection is also an important component of national economic policies (WIPO). Governments face complex choices regarding how to design a patent system that best serves their specific policy objectives, as well as responding to ever changing technologies and business models (WIPO). Explanations of economic growth are increasingly focusing on the power of estimated profits as motivators for innovation (Gould & Gruben, 1). This paper will first explain the premise of Intellectual Property, than give a brief theoretical background, followed by a discussion of how Intellectual Property is affected by the Economic Growth Theory, and describing the importance of Intellectual Property rights protection, as a means of demonstrating how Intellectual Property may save the world’s economies.
Explanation of Intellectual Property In order to
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