The term intellectual property refers to the sole ownership of ideas, inventions or the processes. The person who came up with such Ideas, inventions or the processes has legal sole ownership of such properties. This means that no one can use such properties without the consent of the person who invented them. Intellectual properties consist of trademarks, patents, copyrights and also trade secrets.
IMPORTANCE OF COPYRIGHTS TO THE WORLD ECONOMY
Intellectual property rights are vital especially at this time when knowledge and immaterial products are increasingly becoming crucial in the world economy. It is crucial to note that patent which is a form of property rights are vital for the dynamic performance of the economy. This is because, it triggers the growth of the economy by creating job opportunities and promoting advancement of technology. It is prudent to note that intellectual property serve as a catalyst for the economic development and social and cultural well-being. This is because, it strikes a balance between the interests of the innovators and the public thereby providing a conducive environment for creativity and invention. As we all understand, creativity and innovation is the basis of economic growth in a country.
SHOULD THE AVERAGE CONSUMER CONCERN HIMSELF/HERSELF WITH THE THEFT OF INTELLECTUAL PROPERTY? WHAT ABOUT THE AVERAGE CITIZEN? THE AVERAGE WORKER?
It is important to note that all the citizens: the average consumer, average citizen and the average worker should concern himself/herself with the theft of intellectual rights. This is because theft of intellectual property right undermines invention and creativity. This in turn undermines economic development. Intellectual property rights have myriad benefits to the average person. This is because it rewards creativity and human endeavour hence fuelling the progress of humankind. The rewards provided enable the researcher and inventor to continue producing better products for consumers. It is therefore the duty of all the citizens to ensure that they fight intellectual property theft from all corners as much as they can.
DOES INTELLECTUAL PROPERTY THEFT UNDERMINES THE WORKING OF THE FREE MARKET SYSTEM
It is crucial to note that whether intellectual property theft undermines the working of the free market or not is subject to discussion, this is because different scholars argue differently. For instance according to me intellectual property theft does not in any way undermine the working of the free market system. This is because, intellectual property mainly operates monopoly market since an individual has the sole ownership of the property for a period of time hence hindering free market economy. Most of the people are therefore barred from entering into the market until after a period of time. It is therefore important to note that intellectual property theft simply promote free market economy though illegally.
WHAT IS THE IMPACT OF CHINAS LACK OF AGGRESSIVE ENFORCEMENT OF INTELLECTUAL PROPERTY RIGHTS ON ITS ECONOMIC DEVELOPMENT BOTH IN THE SHORT RUN AND THE LONG RUN?
Intellectual property rights have not received much attention in china. However, because of the increasing external pressure and internal economic objectives, there has been a move to the adoption intellectual property rights practises. However, full implementation of the intellectual property rights has not been achieved and this has led to various impacts both in the long run and the short run. Because of the weak intellectual property right and in the case of technology, it is likely that import might exceed exports. This will mean that imitation instead of innovation and invention will take centre stage. The result will be low-cost production and low prices of goods and services as a result of imitation. In the short run, there would be increased production and consumption of goods and services which shall benefit the consumers and then help to fuel growth in developing the economy. Despite the fact that weak intellectual property right might support technological growth and development in the short run through imitation, it will have a serious consequence in the long run since it is likely to discourage domestic innovation that is always a long run driver of economic growth.
Griffin R.W.(2010). Management. U.S.A: Cengage Learning.