Intellectual Property: Protection, Innovation and Rights

Razina Ahmed

Abstract

Ownership of the products of the mind include the right to bar others from utilising them, just as with actual land. When intellectual property rights are strictly upheld, the creator of a book or new computer chip may utilise the power of exclusion to charge other users a fee. Price-rewarding for the creator leads to more inventions and quicker growth, which is a kind of dynamic efficiency. Disseminating an invention after it is created enables more people to benefit from its benefits. Rights to intellectual property may also promote greater distribution. If the inventor lacks property rights, he or she can strive to keep the idea a secret in order to capitalise on it. In order to ensure that only his company could perform Shakespeare's plays, Renaissance Venetians jealously guarded the secrets of glassmaking. However, the inventor need not worry about the invention being stolen if there are strong intellectual property rights. The owner has the option to make it public and collect payments for its usage, such as licencing fees for patents or performance fees for plays, as opposed to keeping it a secret. Increased diffusion leads to greater usage when property takes the place of concealment, increasing static efficiency.