INTELLECTUAL PROPERTY RIGHTS AND ECONOMIC DEVELOPMENT
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Abstract
Intellectual properties are those properties which result from the creation of human mind and intellect. The various headings of Intellectual property are-Copyrights which include literary, artistic and scientific works e.g. books. Copyright’s related rights such as rights of a producer of a sound recordings, broadcasts etc. Patents which includes protections of inventions for example protection of a new jet design. Industrial design e.g. design of soft drink bottle. Trademarks which include service marks, logos, names etc. & Geographical Indications.
Intellectual property laws are different in all countries. Resources allocated for the creation of intellectual property are different in every country. Nations encourage creation of intellectual property as it boosts the economy. They develop laws to protect IP to provide incentives to individuals to create IP and also to give recognition to such endeavors. Protection of intellectual property is considered to be a part of economic policy. Economic theories point out that intellectual property can have many effects on growth some positive some negative.
This paper attempts to analyse the intellectual property rights from an economic perspective. The paper starts with introducing the interrelation between IPR and economics. Further, it discusses positive and negative impact of IPR on economic development. The paper concludes by suggesting required changes in the policymaking.
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