UNDERSTANDING THE THEORIES OF INTELLECTUAL PROPERTY IN THE CONTEMPORARY WORLD - AN OVERVIEW
Keywords:
Justifications for Intellectual Property Rights, Theories of Intellectual Property, Philosophy of Intellectual Property.Abstract
Intellectual Property in the recent period has become one of the most important components of development and has been a matter of international concern. Traditionally, it was just a reward for new things, however, in present times it has become a tool for the development of trade, commerce, investment, Research and Development and ultimate welfare of the state. Theories explaining the nature and concept of traditional property and Intellectual Property in olden days may not suitable to explain in the present scenario. Hence, this paper is an insight into the theories that explain the Intellectual Property in the present times. This paper concludes that a proper balance between the protection of Intellectual Property Rights over the new knowledge and its quick dissemination and assimilation in the productive enterprise is fundamental to the continued growth of the economy. Patenting of the invention is not an end in itself rather it is a means to achieve the gigantic social goal. The ultimate objective of Intellectual Property is to promote trade and achieve economic growth and is not aimed at protecting the interests of particular private Intellectual Property holding interest groups.
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