The term Intellectual Property depicts the idea that its subject matter is the product of the mind. That could be in the form of Patents; Trademarks; Geographical Indications; Industrial Designs; Layout-Designs (Topographies) of Integrated Circuits; Plant Variety Protection and Copyright.
Intellectual Property is protected by a law like any other form of property can be a matter of trade, it can be bought or sold, you can own it. The main features that separate it from other forms are their intangibility and non-exhaustion by consumption.
Intellectual Property is the foundation of the knowledge-based economy. It prevails in all sectors of the economy and is increasingly becoming important for competitiveness.
What is Intellectual Property?
Intellectual property means the creations or thinking of the mind: inventions, literary and artistic works, and symbols, names, images, and designs used in business.
Intellectual property is separated into two categories, one is Industrial property, which includes inventions, trademarks, industrial designs, and geographic indications of source; second is Copyright, which includes literary and artistic works such as novels, poems, and plays, films, musical works, artistic works such as drawings, paintings, photographs and sculptures, and architectural designs. All the rights are protected.
Intellectual property rights are exclusive rights over creations of the mind both for the artistic and commercial purpose. They are covered by copyright laws, which give protection to creative works such as books, movies, music, paintings, photographs, and software and gives the holder the exclusive right to control reproduction of such works for a certain period of time.
The second category is known as “industrial properties”, as they are created and used for industrial or commercial purposes only. A patent may be given for a new, useful, and non-obvious invention, and gives the holder the right to prevent others from using the invention without the license from the inventor and that too for a certain period of time. Trademark is a sign which is used to stop confusion among products in the market.
An industrial design right protects the appearance, style or design of an industrial object from the copy. Trade secrets are non-public information concerning commercial practices knowledge of a business. Public disclosure of trade secrets can be illegal.
Intellectual property rights are important as they give creators exclusive rights to, thereby giving an extra benefit for the author or inventor to develop and share the information rather than keep it with themselves.
Intellectual property rights are considered by economists to form of temporary monopoly enforced by the state. Intellectual property rights are limited to only non-rival goods, goods which can be used by many people at one time – the use by one person does not exclude use by another. This is compared to rival goods, such as clothing, which may only be used by one person at a time.
Since a non-rival good may be used by many sides by side, producers would have no additional benefits to create such works. Monopolies, by contrast, also have inefficiencies.