The Economic Relations Between The Common People And Revenue Gaining People

In the text “Sustaining our commonwealth of Nature and Knowledge” by Herman Daly, he clarifies the fact that goods are classified by the access of law to the goods, which it is classified as excludable and non-excludable, and by the physically use of the owner of the good, rival and non-rival. Every market good, an automobile, is rival and excludable and every public good, for example, the sun, is non-rival and non-excludable. But the problematic comes when the good is non-rival and excludable, an example he gives us is knowledge because it is usually patented and made by intellectual property. Also, the problematic comes when the good is rival and non-excludable because the management of these goods, such as fish, brings the tragedy of open-source

There is just a one person who sells products or services and there are no incentives which help to break this monopoly. There are many monopoly industries in the market. In monopoly, they use patents because they don’t like if someone’s copy their inventions.

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.

Proponents of patent reform largely focus on the cost of patent infringement litigation to the U.S. economy and companies. While some argue that the type of patents issued should be limited in order to uphold the intent of Article I, Section 8, others claim that standards for issuing patents should be strengthened in order to reduce the number of costly patent infringement lawsuits. The cost of litigation and standards for issuing a patent is the focus of the proceeding text and justification for patent reform in the United States.

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

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,

In the case of university patents, the problem was that of technology transfer, moving inventions and technology created in universities to the marketplace. The three phases involved in the construction of the institution of university patenting were the formation of a proto-institution by a skilled actor, the development and growth of a professional community, and finally the Bayh-Dole Act. The success of the institutionalization of university patenting was due to the social skill and resources utilized to elicit collective action.

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).

The U.S. constitution gave Congress the power to “ promote the devellopment of the useful arts” by granting exclusive rights to inventers for a limited period of time. The purpose of a patent was to assurre the rights of the creators in exchange for not keeping these inventions secret, thus overall knowledge base grows.

The ideological linking of patent monopoly with monopoly privileges and of patent protectionism with tariff protectionism had generally helped the opponents and weakened the defenders of patent (Machlup & Penrose, 1950). The Royal Letters Patent has been challenged by the courts on the ground that monopolies were ‘contrary to the great charter of our liberties’ (Bratzel, 1980). However, the inability to provide an alternative to existing law and procedure, the patent abolitionist failed to convinced the commercial and business community to lend institutional support to them (Bratzel, 1980). After 1870, the controversy disappeared from the economic journals (Machlup & Penrose, 1950). The lawyers and engineers had replaced economist as the “experts” on economic effects when patent reform plans came up for hearing before legislative committees (Machlup & Penrose, 1950). Even though the anti-patent movement was a failure, the opponents of the system had vigorously challenged the four fundamentally different lines of argument that justify the creation of patent rights (Machlup & Penrose,

The increasing acceptance of the intellectual property laws by the public culture is somehow related to the ideals of property, control and fear that the benefits from resources out of control may not be significant.

Positive legal economic analysis explains what is, and there are two elements on this analysis in law and economic. One element tries to arrange a description of the factor and forces governing the determination of economic welfare in society. It includes explaining the connection between the economy and authorities and the ongoing rebuilding of the economy. The second instrument comprises applying economic theory and the equipment of econometrics to estimate the direct and indirect effect of alternative legal doctrines, legal rules, and property

It was never the öbject öf patent laws tö grant a mönöpöly för every trifling device, every shadöw öf a shade öf an idea, which wöuld naturally and spöntaneöusly öccur tö any skilled mechanic ör öperatör in the ördinary prögress öf manufactures. Such an indiscriminate creatiön öf exclusive privileges tends rather tö öbstruct than tö stimulate inventiön. It creates a class öf speculative schemers whö make it their business tö watch the advancing wave öf imprövement, and gather its föam in the förm öf patented mönöpölies, which enable them tö lay a heavy tax ön the industry öf the cöuntry, withöut cöntributing anything tö the real advancement öf the arts. The cöncept öf “intellectual pröperty” in India över the last few years has taken ön söme epic pröpörtiöns för a number öf reasöns. öne öf the primary reasöns, attributable tö the gröwing awareness amöng the urban Indian pöpulatiön, is öf the significance and, möre impörtantly, the cömmercial benefits in prötecting its intellectual pröperty rights böth within and öutside India. And under traditiönal principles öf intellectual pröperty prötectiön, patent law is tö encöurage scientific research, new technölögy and industrial prögress. The fundamental principle öf patent law is that the patent is granted önly för an inventiön i.e. new and useful the said inventiön must have növelty and utility. The grant öf patent thus becömes öf industrial pröperty and alsö called an intellectual pröperty. And the cömputer