Intellectual Property Rights
Darshan Chohan
According to the World Trade Organization, intellectual property rights are Âthe rights given to persons over the creations of their mindsÊ. 1 These rights usually give the creator an exclusive use of his or her creation for a certain period of time. This depends on the types of intellectual property (IP) rights implemented such as patents, copyrights, and trademarks. IP includes Âintangible assets such as musical, literary, and artistic works; discoveries and inventions; and words, phrases, symbols, and designsÊ. 2 Considering whether IP rights foster or hinder our progress is important for three key reasons. First, the debate is controversial. In a society where the rapid advancement of technology has allowed people access to information all over the world, we must decide whether ideas are best shared and free for use or protected and restricted through legislation. Hence, the controversial nature of the question brings many contrasting views to the table, such as Keynes versus Hayek, Utilitarianism versus Libertarianism, and Locke versus Mill. Second, the debate is universal. Everyone in the world is capable of creative thought and originality, which makes the scope of this question extremely broad, as we all must consider how we want the law to deal with the abstract, yet personal, concept of our creativity and ideas. Finally, the debate is in constant flux. The law isnÊt, as many perceive it to be, set in stone. It is dynamic, changing, and open to question. As IP rights are relatively new, -Êit was not until the 19th century that the term Âintellectual propertyÊ began to be used, and not until the 1 ÂWhat Are Intellectual Property Rights.Ê WTO . World Trade Organization, 2013. Web. 25 July 2013.
late 20th century that it became commonplace in the majority of the worldÊ 2 - we need to consider the impact of IP rights from various perspectives. In this essay, I will be exploring the debate from an economic, ethical, and philosophical approach, and as a result, come to a judgement about IP rights and their role in our progress. On the one hand, intellectual property rights foster economic progress. For example, IP rights assure people that inventions, ideas, and products of their creativity will not be copied for a certain length of time, encouraging them to innovate. Doing so would provide them an effective monopoly over their product, creating significant profits due to lack of competition. This is perhaps the main economic argument in favour of IP rights, as technological and industrial innovation is highly valued for the possible effects of non-inflationary growth- the ÂHoly GrailÊ for economists. Keynesian interventionists would therefore argue that governments should continue to support IP rights since they are a way of directly stimulating innovation where the free market may fail. Furthermore, in the case of patents, IP rights allow firms to undergo hefty research and development spending, as they have legal assurance that their ideas and hard work will not be copied or stolen. As a result, firms have an incentive to invest and develop their product despite costs that would otherwise be unsustainable. For example, ÂNearly all of the 300 products on the World Health OrganizationÊs Essential Drug List, which are critical to saving or improving peopleÊs lives around the globe, came from the research and development- intensive pharmaceutical industry that
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