The Economics Of Intellectual Property Protection

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

• It allows intellectual property holders to put bounds and conditions on the use of their

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.

Technology enriches our society by making widely available new and useful goods, services, and technical information . Clearly, as a society, we would want to encourage the development of technology so that we can reap the benefits they offer us. Innovators require an incentive to invent and share these technologies with the rest of society. This incentive is achieved by granting intellectual property rights (IPR) to inventors . More specifically, the incentive is usually achieved by granting patents to inventors .

With all the groups mentioned above, intellectual property protection and stricter copyright laws are being discussed, which is a step forward in the right direction. The more these organizations reach out to inform others that intellectual property protection is imperative, the more minds will be had in building ideas for a better tomorrow. The biggest question is why should the average individual care about the protection of intellectual property? The answer is, everyone should strive together as human beings to protect each other’s ideas, creations, and fortunes. If that is not a good enough reason to persuade the average individual, then maybe protecting the loss of money from intellectual property theft is. The economy is constantly in the news and the nation 's debt is a big concern to millions of Americans. If the United States’ bank account is a big concern, then people should be worried or at least interested in the progress of intellectual property protection. The United States’ financial problems cannot be fixed with the successful implementation of intellectual property protection, but it is a positive place to start.

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

-One can achieve a high level of innovation in some areas of the modern economy without the intellectual property protection – “excessive, unbalanced or poorly designed IP protections may be counterproductive”

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

Today, the patent office routinely approves patents that are broad and vague without demanding more information about the patent. This allows the patent owners to claim ownership of a broad range of topics, leaving little room for new

Let me make it clear, there is no doubt that property rights are a necessary feature of a successful economy. This certainly includes intellectual property rights, which ensure quality and consistency for buyers, and secure incentives for continued production by the sellers. However, intellectual property rights are inherently more abstract than rights concerning physical property, and there has always been a legally interpreted grey area concerning intellectual property.

The autumn air is quite stale and the cold weather is just now starting to set in on this cold November day. You’re sitting out on the quad contemplating the thought of a new software idea and you wonder what might you do to perfectly execute this idea. What type of challenges would be required to properly execute the idea? Does this idea already exist and would you be crossing copyright infringement laws? Is it easier to release the idea to the open source community than to go all the way with protecting it so you can pursue it for all its worth? With other countries like China where using copyrighted software ideas, owning knockoff name brand stores, and distributing fake software is considered acceptable it leaves entrepreneurs with a sense of discouragement. Eric Allman said “The intellectual property situation is bad and getting worse. To be a programmer, it requires that you understand as much law as you do technology.” In this research paper I wish to cover the topics of copyright infringement cases, existing intellectual property laws and groups, and purpose an idea to protect intellectual property. The laws for protecting intellectual property are weak and we should develop laws that everyone stateside and internationally can follow. If the world would adopt the same set of laws for protecting intellectual property then the encouragement of pursuing ideas, creating ideas, and inspiring young entrepreneurs would flourish.

The term intellectual property refers to the innovations of the human mind. Intellectual property rights protect the interests of these innovators by giving them property rights attached to those ideas. The term "intellectual property rights" stands for these legal rights that authors, inventors, and other creators have. Intellectual

Imagine what the future may be like in fifty years with continual technological advances and the possibility of creating intelligent machines that can construct roads, plant and produce foods, and even build homes. Eventually, individuals will have little to no contribution in these processes. These technologies will eventually appear as perpetual motion because individuals will receive something for spending little to no time or energy. If all of our wants and needs were readily available, we would then start to question the use of a monetary exchange system. Now, what would the incentive be for protecting intellectual property rights? There most likely wouldn’t be one and every inventor will create for the sole purpose of creating. This possible, future, scenario is exactly where we are headed regarding intellectual property rights. Everybody wants to make the