The Importance Of Intellectual Property

The Organization for Economic Cooperation and Development (OECD) defines anti-competitive practices as the many ways firms restrict inter-firm competition to maintain or to increase their relative market position and profits without necessarily providing goods and services at a lower price or at a higher quality. The American Federal Trade Commission states that anti-competitive practices include activities such as price fixing, group boycotts and exclusionary exclusive dealings. These activities are generally grouped as agreements between competitors (horizontal conduct) and monopolization (single firm conduct).

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.

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

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

Jain, S. C., & Bird, R. (2008). The Global Challenge of Intellectual Property Rights. Cheltenham, UK: Edward Elgar.

According the case study article The information Economy, “enforcing property rights is costly, and this diminishes the incentive to create new products and new ideas.” Basically, once someone access to something, pirated videos, music, and computer games and software can be shared online. The US copyright Group go after IP addresses that do illegal downloads which brings no royalties to the inventors, producers, programmers or artists no wages to industry workers and does generate taxes to the government. And being prosecuted in the U.S. is different in other countries because of different viewpoints and laws.

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

Online piracy is commonly referred to as a threat to businesses in the creative industries. The WTO Agreement on Trade-related Aspects of Intellectual Property Rights (a.k.a. “the TRIPS” agreement) defines piracy as:

First of all it is important to establish what Intellectual Property (IP) is a creation of the mind. There are two types of IP that protect a range of different creations. The two categories are Industrial Property and Copyright. Industrial Property is concerned with the commercial based creations such as patents, trademarks, and industrial designs. Copyright protects literary works such as films, music, artistic works, and Television. Copyright is granted automatically, there is no need to register or fill out a form. However, some governments encourage this to

There is such a legal concept as "intellectual property". Intellectual property is defined as the creation of any intellectual innovation by an individual such as musical, literary, and artistic works; discoveries and inventions; and words, phrases, symbols, and designs. The law provides him exclusive rights to this innovation and is strictly against theft or plagiarism in any way. Innovators can safeguard their property by one or more of the following: copyright, trademarks, patents, industrial design rights and in some jurisdictions trade secrets.. Copyrights, patents, and trade secrets are each authored by different Offices. Each is based on the Laws of Commerce. (LII. Intellectual property). Cultural attitudes, in fact, esteem words and knowledge above that of certain other property, since knowledge is something that cannot be as easily duplicated as, for instance, an article of common furniture can. To illustrate the veneration that contemporary society accords intellectual invention, software is more expensive and valuable than hardware sink the

Studies have estimated around seventy percent of the intellectual property theft is related to China. The head of the National Security Agency told a Senate panel that China’s government

Intellectual property defines a wide range of the property created by investors, artistes, authors, and musicians. The law governing intellectual property naturally includes the copyrights, trademarks, and patents law. Its main intention is to motivate the development of art, sciences, and information giving defined rights of property to all the artistes, who include inventors of science and art. These rights assist artists to safeguard themselves from violation, unauthorized misuse, and use of their creations. Service marks and trademarks safeguard distinguishing characteristics (such as a package and name design) that are linked with certain products and services that display commercial source (Blakley, Johanna 2010).

Gaining the knowledge and skills to provide computer technology products, services and software requires a significant amount investment of both time and money. The individuals who do such a work should receive financial rewards for their efforts. These rewards create an atmosphere of creativity and competitiveness that becomes a driving force of the economy of the world. The products of this creativity must therefore be protected and we call it intellectual property. Simply, intellectual property is a product of human intellect that has a commercial value. There are three major mechanisms that US law offers to protect software intellectual properties. These are trade

Firstly, with laws to protect intellectual properties, it prevent and stop other companies from commercially using the protected intellectual properties in the marketplace, allowing the owner company to control the usage of their original