Questions On Intellectual Property Rights

1475 Words Aug 13th, 2015 6 Pages
Debate Paper: Intellectual Property Rights
The world that exists today was built on two things: innovation and the pursuit of one’s self interest. Our founding founders believed intellectual property to be a way to encourage innovation. Intellectual property (IP) is what ties these two building blocks together. IP is a property right that is granted by some form of government. The government strictly enforces individual property rights, which some believe tends to attract more investment, grows faster, and thus has better outcomes for its citizens. Others believe that IP is an intellectual monopoly that controls people’s creativity and imagination. The economists, who believe IP is a necessity in today’s society, say that there are only four economic justifications for a government to exist, and two that matter for IP: correcting market failures and defining/enforcing property rights. Market failure is when the private market on its own, cannot get to the socially optimal level of output. For example, if I spend $800 million developing a new drug and people can copy it immediately after I spent the money for the drug trials and development, I will never make my initial investment back. The market on its own would not have developed the drug, but if the government steps in and protects my IP, then people can’t copy by invention for a number of years and I have a chance to profit and recover my initial investment. For the people who believe IP is a hinder, they see the…
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