Question

Intellectual property rights-and the enforcement of them through the federal government-has caused much debate throughout the years. The system purportedly creates a balance between producers and consumers, and encourages innovation that would not otherwise occur. The textbook states: "Granting monopolies can encourage progress by providing a financial incentive to producers. Singers, songwriters, inventors, drug companies, manufacturers—they all invent and innovate in the hope of making money. If they knew that the law wouldn’t protect what they came up with, they’d either not invent at all or they’d simply do it for themselves and their families, without sharing the fruits of their labor with the rest of society." Please write a 3 page essay in the following format. In the first paragraph should briefly discuss how intellectual property rights are protected by the U.S. federal government. The second paragraph should discuss the balance struck between producers and consumers in the current IP system. In the third paragraph, please state and explain your opinion on whether you think innovation requires a robust IP system or whether the IP system actually chills innovation.

Answer 1

The US is at the foremost in legally providing a framework that protects intellectual property rights through patents, trademarks, and copyrights. This is because the founding fathers of the nation had realized very early on that intellectual property is what's going to fuel the US economy in the long run. As such, providing protection of intellectual property was one of the core principles of the US constitution. So, they inculcated under Article I of the U.S. Constitution the power that allowed Congress to promote and secure the rights of inventors and writers for their inventions, discoveries, and writings. In recent times, two more laws have been enacted to further simply the existing US patent laws. These include the Patent Act of 1952 and the Trademark Act of 1946. The Patent Act of 1952 has brought in more substantial changes to the existing US patent laws and removed some of the obsolete provisions. The Trademark Act of 1946 also called the Lanham Act gave the right over registered words, symbols, names, etc of distinguished goods and services and brought in the concept of trademarks for businesses.

Protection of Intellectual Property rights is the most important component to foster an environment that encourages creators and innovators to develop new ideas, processes, and discoveries. Ensuring IP rights are protected from theft or unauthorized usage incentives people to come up with new concepts and ideas. It makes them feel valued. But at the same time, in order to maintain a balance between producers and consumers in the current IP system and allowed usage of copyrighted materials for the common good of the society without infringing anybody's legal rights, the concept of Fair Use was introduced. The doctrine of Fair use allows the reuse or reproduction of copyrighted material with certain limitations. Fair use include criticism of IP protected material, their reporting, non-profit educational purposes, etc.

A robust IP system encourages innovations that result in growth of the economy and new job creation. Stronger IP laws also attract new investors as they see profit in investing in new innovative ideas. A strong and balanced system of intellectual property protection and enforcement encourages businesses to develop new solutions to social problems. It motivates companies to invest more and more in research and development of new products. It helps to build a knowledge-based economy and commercialize life-changing innovations.